Pusan port reduces warfage charges by 50%

Pusan Regional Maritime Affairs & Fisheries Office announced June 11 that they would reduce warfage charges by 50 percent from 4,200 won per TEU to 2,100 won per TEU for ocean going container transshipment vessels that dock at the Port of Pusan. The rate will last from July 1, 2003 to December 31, 2004.
Port charges for transshipment cargoes decreased from two times (docking and leaving) to 1 time (docking) in 1998 and it were further reduced by 20 percent on October 1, 2002.
The Pusan Regional Maritime Affairs & Fisheries office expects the Port of Pusan to win back confidence lost during the past strike.
They also anticipate that the reduction will be an incentive to lure cargoes away from other competitive ports like fast growing Chinese ports such as Shanghai, Qingdao.