Busan Port Targeting 20m TEU in 2016

Busan Port Authority (BPA) is on track to handle 20 million TEU of container cargo in 2016, which represents a 2.8% increase from 2015, the port said.

In 2015, the port recorded 19.45 million TEU of which 9.336 million TEU was local cargo and 10.114 million TEU was transshipment cargo – these numbers were up by 0.9% and 7.3% respectively from the year before.

In light of a sluggish shipping market and an average growth rate of around 4% seen by the world’s top 10 ports in 2015, BPA admits that its ambition for 2016 is challenging.

“However, the port is confident of achieving this growth by strengthening its customer service activities; subsidizing the cost of inter-terminal transportation of transshipment cargo; and establishing an empty cargo storage area in the New Port. In addition, BPA will hasten its integration plans at North Port to deliver a single unified terminal operator which will also become a shareholder. Additional terminal construction at New Port will be accelerated to meet current cargo demand and to ease congestion at peak times,” the port authority said in a statement.

In 2016, BPA also plans to put more focus on the development of the Distripark to attract more multi-national logistics companies as tenants.

To assist growth, BPA is creating a new international business division which will focus on global expansion of the port’s logistics network, new business opportunities along with enhanced research and analysis of key markets and trends and the establishment of big data.

In addition, BPA plans to enhance its current cooperation activities with other ports, particularly those in developing countries.

“As one of the world’s largest container ports, we must focus our efforts on the international markets to ensure our continuing growth and development. We are well placed, geographically, to handle domestic, international and transshipment cargoes and our modern terminal facilities and extensive Distripark make us an excellent choice for vessel and cargo owners. We will continue to diversify our portfolio and enhance the service we deliver to our customers in 2016 and beyond,” Yejong WOO, CEO of Busan Port Authority said.