Busan Port Authority (BPA) has announced the opening of a London office and new expansion plans in South Korea.
BPA's London office is its first outside of Asia, according to Seatrade Global, and marks the expansion of BPA into Europe.
By 2020, another 22 berths and 6.6m TEU capacity is to be added at the site of the Busan New Port in South Korea.
This is in addition to the port’s existing 23 berths and 9m TEU capacity.
The port has already experienced significant increases in local transhipment throughput and now aims to become the logistics hub for North East Asia.
According to BPA president Lim Ki-tack: “Busan is located in the centre of the North East Asian region; even though our port is located in South Korea, we have contributed to the promotion of logistics in North East Asia, including Japan, China and Korea. Around half of our cargoes are transhipment cargoes, around 9m TEU in 2013.”
As the efficient movement of cargo becomes more important for serving the port’s 368 weekly services, intra-terminal transport is also a significant area for investment.
Busan Old Port currently handles around 6.8m TEU annually and already has a development programme worth US$8.5 billion under way.
Busan currently ranks as the fifth largest port in the world, having handled 17.7m TEU in 2013.