Macquarie invests in Busan terminal

Macquarie invests in Busan terminal Macquarie Korea Infrastructure Fund said it entered into agreements on Monday to commit to invest a total of $277 million in Busan New Port Container Terminal Ltd., the concession company with the right to develop, operate and maintain the Busan New Port Phase 2-3.
   When completed, Busan New Port will consist of four container terminals covering more than 1,400 meters with a maximum annual capacity of 2.7 million TEU. The existing port in Busan was expected to handle more than 13 million TEUs in 2007.
   The concession right is for 29 years and 3 months from the date the terminal commences operation. The construction is expected to take about four years and the company hopes to begin operation in early 2012.
   The project is the fund's first investment in the Korean port sector. It also has investments in Korean roads and tunnels.
   Macquarie said the site of the new terminal is on the north sea of Gadukdo at Busan City, on the southeast coast of the Korean peninsula, and is strategically positioned to serve both the local market and international transshipment markets, in particular China.
   Macquarie said carriers involved in the venture include CMA CGM and
Korea Marine Transport Company, the fifth largest carrier in Korea.