Busan Port Authority (BPA) said the number of international regular shipping service lines to and from Busan increased to 287 per week this year, an increase of 11 from the previous year.
That reflects a rebound after the number of international regular shipping service lines declined in the previous year due to the Russia-Ukraine war, the closure of major Chinese ports and sagging global demand.
BPA analyzed Busan Port’s international regular shipping service lines on a regional basis, using data of the maritime survey institution Linerlytica.
The number of Busan Port’s international regular shipping service lines stood at 257 in 2015, 268 in 2016, 253 in 2017, 263 in 2018, 268 in 2019, 269 in 2020, 279 in 2021, 276 in 2022 and 297 in 2023.
By region, Busan Port’s international regular shipping service lines increased by 4, 5 and 2 via Chinese, Japanese and Southeast Asian regions, respectively, while its shipping service lines rose by one each to the west coast of North America and the west coast of South America.
Busan Port has 50 regular shipping service lines to North America and South America and 14 lines to Europe, while Tokyo Port, Japan’s No. 1 port, owns eight lines to North America and South America and a line to Europe.
BPA said, “Tokyo Port’s total container cargo volumes stand at one-fifth of those being handled at Busan Port and much of export cargoes bound for Americas and Europe is transshipped at Busan with outstanding port connectivity.”
BPA President Kang Joon-seok said, “The survey proved that Busan Port is a hub port, and BPA will make efforts to expand infrastructure and stabilize its port so more global shipping companies can use Busan Port.”
BPA Rated ‘Good Grade’ at Government’s Management Evaluation for 2022
Busan Port Authority received a “good grade” at the 2022 management evaluation survey of public entities by the Ministry of Economy and Finance (MOEF), BPA said on June 20.
The evaluation was a first one based on the policies of the new government. BPA is the sole public entity in the Busan area, which saw its management evaluation rating rise in recognition of its management innovation efforts.
BPA had secure financial soundness by managing its debt ratio in a stable fashion while implementing diverse state-financed projects, such as Busan Port development and North Port redevelopment projects last year.
BPA has been evaluated to have maintained Busan Port’s standing as the world’s No. 2 transshipment hub port and the world’s No. 7 port through close cooperation with the Ministry of Oceans and Fisheries.
Internal and external forces made the situation harder, such as the global logistics quagmire caused by the spread of the COVID-19 pandemic and the longest-ever cargo truck unions’ strike, but Busan Port serves as Korea’s export and import gateway to normal.
BPA was evaluated highly, as the authority was designated a top innovation institution by the government in recognition of building a world-class sea transportation logistics regime, one of the new government’s state objectives, and it was selected by the International Monetary Fund as an outstanding port to address the pandemic and the global logistics quagmire.
BPA became the sole public entity to have received a “best (first) grade” in an integrity survey, and the authority was given higher marks for posting operating profit for the 19th consecutive year and achieving management efficiency, such as introducing a merit-based payment system.
BPA President Kang Joon-suk said, “BPA will do its utmost to contribution to the development of regional society and the national economy so Busan Port, Korea’s gateway, can continue to grow as a global hub port by implanting management innovation endlessly to achieve public interest and efficiency.”
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