In the year to October, 2015, South Korea’s Busan Port Authority (BPA) handled a total of 16.2 million containers, which is the equivalent of a 4.8% year-on-year increase, according to World Maritime News.
By overtaking Hong Kong Port, Busan Port regained its rank as the world’s fifth largest port.
Woo Ye-jong, President of the BPA, said: “Despite the long term global recession, we expect to achieve our goal of 19.5 million TEU this year. We will maintain our ranking as the world’s fifth largest port next year if the growing trend continues and cargo volume at Hong Kong Port continues to decrease.”
Busan Port has grown to become the largest transhipment hub in North-East Asia and is now focusing on achieving its massive total TEU goal for 2015.
Read a Technical Paper on Busan’s 20 million TEU Goal
South Korea has recently announced its plan to research the return on investment ports achieve.
The research will entail looking at the impacts that larger vessels have on ports and terminals.
Busan Port has been reported as having the lowest average waiting times at anchorage.
