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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Busan confident of reaching 20 million TEU throughput in 2016

South Korea's leading bunker port forecasts 2.8 percent increase in TEU throughput this year.

Updated on 20 Jan 2016 17:59 GMT

Busan Port Authority (BPA) says it is on track to handle 20 million TEU of container cargo in 2016, which represents a 2.8 percent increase from 2015. Last year, 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 percent and 7.3 percent respectively from the year before.

Despite a sluggish shipping market and an average growth rate of around 4 percent seen by the world's top 10 ports in 2015, South Korea's leading bunker 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 says it 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 is to also be accelerated to meet current cargo demand and to ease congestion at peak times.

In 2016, more focus will also be directed at the development of the Distripark to attract more multi-national logistics companies as tenants. This is expected to result in heightened cargo throughout and create additional employment.

Achieving global growth in 2016

To assist growth, BPA has also announced the creation of a new International Business Division to boost its penetration of global markets and to react to the rapidly changing shipping and maritime landscape.

Key activities of the new division are:

- Global expansion of the port's logistics network.

- Identification and realization of new business opportunities assisted by BPA’s representative offices in China, Japan and Europe and its world-wide agency network.

- Enhanced research and analysis of key markets and trends and the establishment of big data.

In addition, BPA says it will enhance its current cooperation activities with other ports, particularly those in developing countries to share its knowledge and experience in port operation and management. The port believes that these initiatives will drive global port throughput and widen the port’s logistics network.

Making these announcements, Mr Yejong Woo, CEO of Busan Port Authority, said: "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."

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