Busan Port on Track to Reach Its 19.5 Million TEU Goal

The South Korean Busan Port Authority has handled a total of 16.2 million containers in the ten-month period from January to October of 2015, setting a clear path toward the port’s goal of 19.5 million TEU for this year.

According to the authority, this represents an increase in container volumes of 4.8 percent year on year to 0.744 million TEU.

Busan recorded a total cargo volume of 1.636 million and transshipment cargo volume of 0.868 million, representing an increase of 1.5 percent and 9.2 percent in October 2015, respectively, when compared with cargo volumes in October 2014. October transshipment cargo volume broke the previous record of 0.855 million TEU set in August.

Transshipment cargo volume contributed to the total cargo volume increase by accounting for 53.1 percent of the total number, the port said.

This number surpasses the capacity handled by the port of Hong Kong for the third time this year, as Hong Kong port processed 1.592 million containers, a 12.8 percent decrease.

In this regard, Busan Port regained its rank as the world’s fifth largest port after Shanghai, Singapore, Shenzhen, and Nongbo-Zhoushan by surpassing Hong Kong Port.

“Despite the long term global recession, we expect to achieve our goal of 19.5 million TEU this year. We will maintain our ranking as the world’s fifth largest port next year if the growing trend continues and cargo volume at Hong Kong Port continues to decrease,” BPA President Woo Ye-jong said.

As of October 2015, transshipment cargo volume by nation is as follows; China (2.687649 million TEU), USA (1.24697 million TEU), Japan (1.226397 million TEU), and Europe (0.434649 million TEU), representing an increase of 13, 19.9, 0.6, and 5.8 percent year on year, respectively.