Pusan New Port opens 1-3 yrs early

The Pusan New Port will be expanded earlier than planned, and opened 1-3 years earlier to effectively handle increasing cargoes.

The Pusan Regional Maritime Affairs and Fisheries disclosed on May 10 that cargoes in the Port of Pusan, thanks to transit cargoes, have far exceeded the handling capabilities in the Port of Pusan and are expected to reach 11.02 million TEU by 2005.

According to these results, berths will increase to 30 from 25 and stevedoring capabilities will grow to 8.1 million TEU from 4.6 million TEU, with an additional 2.47 trillion won over the initial investment of 5.58 trillion won. Especially, three berths in the wharf built with private capital will be opened in 2005 and four berths in the wharf built by the Korea Container Terminal Authority (KCTA) will open in 2006 to cope with the increasing cargoes, with eleven berths opened by 2007. In 2007, an additional three private capital based wharfs and one government funded wharf will be completed, giving birth to eleven berths.

This first phase of construction was changed to solve the difficulties in attracting private capital and to prevent construction delays , a Pusan government official said.

In addition, the second phase plans to open 14 berths with private capitals in 2011 also changed. A total of 19 berths, four in 2008 with private capital, five berths in 2009 and again in 2010 with government capital and another five in 2011 with KCTA and government funding, will be operated 1-3 years earlier than originally expected.

The KCTA is preparing 1.5 billion won to participate in the Pusan New Port Project.

Pusan New Port construction started with a private wharf last year.