KOREA's Busan Port Authority has announced the opening of a London office, its first outside Tokyo and Shanghai.
The company also unveiled plans to expand its Busan New Port by adding 22 berths to the existing 23, and to add 6.6 million TEU capacity to 9.23 million TEU by 2020.
As part of the development of the New Port, work is also being carried out to dredge the port and its approach to 17 metres.
In the first three quarters transshipment volumes increased 6.6 per cent year on year owing to the increasing size of the average containership, reported Seatrade Global.
Port authority president Ki-tak Lim expects continued growth in transshipment volumes. The port currently handles 96 per cent of the nation's transshipment cargo.
"Around half of our cargoes are transshipment cargoes, around nine million TEU in 2013," Mr Lim was quoted as telling an audience gathered at Trinity House in London.
Overall container throughput rose by 3.9 per cent in the first nine months of the year compared to the same period in 2013. Last year, total throughput amounted to 17.7 million TEU
Intra-terminal transport (ITT) has also been identified as a key area for investment at the port during its expansion to more efficiently move containers in and between terminals.
At Busan Old Port, which currently handles 6.8 million TEU per annum, an US$8.5 billion development programme is already under way. A 10-year programme that began in 2009 is creating waterside residential and commercial properties, as well as a new cruise terminal.
Busan's container traffic is split between the new and old ports, which handle 65 per cent and 35 per cent of container traffic respectively, separated by 25 kilometres over land or 40 kilometres by sea.
PORTS
11 November 2014 - 23:09
Port of Busan opens London office, expands new and old ports
KOREA's Busan Port Authority has announced the opening of a London office, its first outside Tokyo and Shanghai.
PORTS
11 November 2014 - 23:09
Port of Busan opens London office, expands new and old ports
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