Cargo processing at the world’s fifth-largest port, Busan in South Korea, fell by more than 6% in October, reported Yonhap News Agency.
Busan’s transshipment cargo processing, which is processed at the port while en route to its final destination, declined by 6.5% compared with the same period last year, 817,000 TEUs.
This drop in transshipment handling however did not push the port into the red overall, with total container handling creeping up by 0.1% to 1.65 million TEUs.
Could the collapse of Hanjin Shipping and the struggles Korean shipyards are now finding themselves in due to slow 2016 orders now be impacting the port industry as well?
Hanjin Shipping accounted for approximately 10% of all the container handling at Busan, so it’s demise was bound to impact port operations.
However, ports in the rest of the country have remained resilient, handling a total of 128.4 million tones of cargo in October, up 2.6% from a year earlier.