Busan Port is on track to handle 20 million TEUs this year after a record-breaking year in 2014.
Despite the challenges faced by the global shipping markets, coupled with intense competition among ports in Northeast Asia, the Busan Port Authority (BPA), the port handled 18.678 million containers in 2014, the highest number in the history of the port.
The numbers represent a 5.6% increase on 2013 and is split 9.25 million TEU of local cargo (up 3.6%) and 9.42 million TEU of transshipment cargo (up 7.7%). For the first time, transshipment cargo volumes overtook local cargo making Busan the most important transshipment facility in NE Asia.
That growth is expected to continue in 2015 with the news that 22 berths are now inoperation at Busan New Port, while the BPA is pushing ahead with plans to construct an additional eight berths and add a further 1.91 million square meter logistics facility (Distripark) on the Western and Southern perimeters. Plans are also affot to redevelop Busan Old Port, with a new international passenger terminal for cruise ships due to open in July 2015. Work is due to start later this year on creating a world-class marina for the lesuire industry.