Box Volumes at Busan Port Surpass 20 Mn TEU Mark in 2017

South Korean Busan Port recorded a container throughput of 20 million TEUs this year, the highest cargo volume in the port’s history.

The achievement was celebrated at a ceremony held at Hanjin Busan New Port on December 26.

“20 million TEU is the largest cargo volume handled in Busan Port in 141 years since its opening in 1876. Furthermore, Busan Port’s first container pier, Jasungdae Pier, became the world’s 2nd largest container T/S hub only in 40 years since its opening,” Busan Port Authority (BPA) said in a statement.

Despite the turmoil in the shipping and port sector triggered by Hanjin Shipping bankruptcy, BPA set its goal to achieve a growth in 2018 as well, marking the 20 million TEU era.

The port authority introduced its mid-long term vision to transform the organization into a global port corporation. The plan encompasses three major hub projects – global logistics hub, marine tourism and business hub, and port-related service hub projects.

Earlier this month, the port commission decided to increase its budget in 2018 by 10 percent to KRW* 848.1 billion from KRW 770.7 billion in 2017.

A total of KRW 103.6 billion will be injected into constructing western container pier at Busan New Port and KRW 33.3 billion will be used for establishing a distripark.

In addition, BPA will inject KRW 51.6 billion into the port redevelopment project, aiming at becoming a marine tourism business hub attracting cruise tourists.

BPA also decided to inject KRW 7.6 billion into job creation and KRW 12.1 billion for establishing the environment for the 4th industrial era.

Furthermore, BPA intends to introduce a new renewable energy strategy and improve air pollution environment in accordance with the government policy.

“We already achieved our goal to process 20 million TEUs for the first time since its opening. We will not satisfy with the result but we will continue our effort to become a global hub through qualitative growth,” Woo Ye-jong, BPA President, stressed.

*KRW 1 equals USD 0.00093