Busan Port attracting cargo through the port and logistics network

Busan Port Authority(BPA) has established cooperative ties with ports in China, Japan, and Russia, attracting attention from home and abroad. The cooperative ties will help Busan Port to establish a logistics network with the ports and lay the foundation for the number one port in Korea to be a hub port in Northeast Asia.

BPA signed an MOU with Dalian Port on March 27th the BPA office in Busan, Korea and agreed to work together for co-development and co-prosperity as well as to exchange port-related information and human resources.

Dalian Port, the largest port in Liaoning province, China, is the number 5 cargo-trading port for Busan Port with 350,000 TEU traded to/from Busan Port annually. Of that, 230,000 TEU are transshipment cargoes.

In its efforts to attract more cargo by establishing a network with neighboring ports, BPA will also sign an MOU in April with Niigata Port in Japan to boost cooperation. Both Busan Port and Niigata Port will make efforts to expand container services, shorten transportation time, reduce transportation costs, and improve services for customers. BPA expects that Busan Port can attract US bound cargo from the port of Niigata thanks to the newly established cooperative ties.

Particularly, BPA will set out concrete investment plans to turn a fishery terminal at Nakhodka port into a container terminal in April in order to secure a logistics base targeting Far East Russia.

In addition, BPA will help establish a Korea-Russia Joint Venture with domestic logistics companies in May, 2008, and construct four container berths able to accommodate 20,000 tons of container vessels and one multi-purpose berth by the end of 2009.

BPA? investment into Nakhodka port was made on the judgment that the port is emerging as Russia? new economic engine based on sufficient natural resources at Far East Russia and the cargo volume between Busan Port and Nakhodka Port for the last 3 years has increased by more than 30%.

BPA has also pursued ?unchun-Zarubino Logistics Project?to secure CFS at Hunchun in China and two container berths at Zarubino Port in Russia by August, 2008.

An official from BPA said that much closer cooperation with neighboring ports in China, Japan, and Russia is required to attract more cargo to Busan Port, adding that BPA will make its utmost efforts to develop Busan Port into a hub port in Northeast Asia.<Korea Shipping Gazette>