The 6th anniversary of BPA foundation, the turning point to a top-notch port in the world

Six years have passed since BPA, the first PA in Korea, was established on January 16, 2004, with the aim of nurturing Busan Port into a logistics hub port in Northeast Asia. All these years, BPA has set milestones and extended its reach by pushing ahead with New Port’s Hinterland Logistics Complex, North Port Redevelopment and port developments overseas while securing the safety of the water. Amid the global economic recession last year, Busan Port marked the least trade volume cut, 11%, among major ports across the world, which showed 15% trade volume decreases on average.

Busan Port handled an estimated 11.98 million TEU last year, an 11% decrease from the previous year, due to the global recession last year. Busan Port, however, managed to maintain its position as the 5th largest port in the world amid the fierce competition among ports in North East Asia, not allowing latecomers such as Dubai Port to catch up. This was possible by BPA along with port operators doing its best to expand port infrastructure and boost productivity. In addition, BPA introduced port fee reductions for ships conducting phase-outs, port fee deformation for regular liners, and other incentives for shipping companies to attract more cargoes.

BPA said that it has taken initiative in upgrading Busan Port’s international competitiveness through costumer-oriented services and aggressive targeted marketing activities aimed at domestic and foreign shipping companies and shippers.

All these efforts made it possible to have been in the black for the last 6 consecutive years since its foundation: 38.5 billion won in 2007, 42.8 billion won in 2008 and an estimated 35 billion won in 2009.