Busan Harbor is getting ready to take on a new challenge to be the center of the ocean and smart logistics industries on the occasion of its 142nd anniversary. The harbor¡¯s new challenge is to overcome the negative impact of Hanjin Shipping¡¯s financial fiasco and compete with rival harbors in China, Japan and Singapore.
It will do that by taking on new projects for its new development. They include the redevelopment of the Northern Harbor so it is equipped with the most modern equipment.
The Port of Busan is located at the mouth of the Naktong River in South Korea. It is the fifth busiest container port in the world and the largest transhipment port in north-east Asia. The port was the 10th busiest in terms of total tonnage and the sixth busiest in terms of 20-foot TEUs of containerised cargo in 2007, as reported by American Association of Port Authorities.
Apart from Jeju City, the Port of Busan was the only city that was not occupied by North Korea during the Korean War (1950-1953). The Port of Busan became a self-governing city after the end of the Korean War.
The city has become home to major industries including shipbuilding, automobiles, steel, electronics, chemicals, ceramics and paper. The Port of Busan is developed, managed and operated by the Busan Port Authority (BPA) which was established in January 2004. The BPA has made it its aim to transform the Port of Busan into a world-class port.
Busan New Port construction
In 1997, the Ministry of Marine and Fisheries (MOMAF) decided to construct a new port 20km west of Busan to alleviate cargo congestion. It was decided to develop a new port, namely Busan New Port, in two phases. Phase one was carried out by a consortium of 11 Korean contractors led by Samsung. Phase 2-3 of the Busan New Port (BNP2-3) officially commenced in January 2012. BNP2-3 is a container terminal with a capacity to handle 2.7 million TEUs annually. It is spread over an area of 840,000m2 and includes four 50,000t berths.
Construction of the terminal commenced in January 2008 and completed in December 2011 at a cost of KRW865bn. It will be maintained and operated by BNCT Co., Ltd for 29 years and three months. Shanghai Zhenhua Heavy Industries completed a 38 rail-mounted crane project for Phase 2-3 in August 2011.
The Busan Port has four fully equipped modern ports North Port, South Port, Gamcheon Port and Dadaepo Port an international passenger terminal and six container terminals. The port is facilitated by 26.8km of quay wall, allowing it to berth 169 vessels simultaneously and handle cargo of 91 million tons per annum.
The Port of Busan handles nearly 40% of the country¡¯s total marine cargo, 80% of its container cargo, and 42% of national fisheries production. The port handles nearly 130 vessels every day.