South Korea’s biggest container port is eyeing 20 million TEUs in 2015, as transshipment volume surpassed import/export volume for the first time in 2014.
The Port of Busan saw container throughput rise 5.6 percent year-over-year in 2014, to 18.7 million TEUs, a record for South Korea’s biggest cargo gateway.
The port said import/export cargo rose 3.6 percent year-over-year to 9.3 million TEUs, while transshipment volume rose 7.7 percent to 9.4 million TEUs. It’s the first time transshipment volume has surpassed import/export volume at Busan for a calendar year.
The growth came amid what Busan officials called “challenges faced by the global shipping markets coupled with intense competition among ports in Northeast Asia.”
Busan is projecting it will handle more than 20 million TEUs for the first time in 2015. The Busan Port Authority said there are 22 berths now in operation at its deepwater Busan New Port complex, with plans to construct an additional eight berths.
Busan sees record throughput in 2014
