Port investment predicted to increase over 40 percent from 26trillion won by 2011

The Ministry of Maritime Affairs and Fisheries (MOMAF) is going to add more container terminals as container cargoes increase, but general wharf space will shrink, said MOMAF minister Noh Moohyun.

The minister reported this 'main business plan for 2001' to President Kim Daejung on Feb 8th at Chong Wa Dae.

MOMAF revised expected cargo capacities to 29.67 million TEU from its earlier prediction of 19.22 million TEU based on plans for 2011.

Depending on this expectation, container berths will increase to 98 from 72, and general wharves will decrease to 235 from 281.

Also MOMAF regulated transshipment cargoes upward to 131.8 million TEU from 4.08 million TEU, with the help of China's economic growth and its readiness to enter the WTO (World Trade Organization), predicting whole cargoes to remain the same without major variations.

Total cargo capacity is assumed around 1.51 million tons, up from earlier expectations of 1.49 million tons. Stevedoring facilities will be added bringing handling capacities to 1.02 billion tons from 898 million tons.

Meanwhile, MOMAF also proposed developing five more ports such as Sokcho, Yangyang, Inchon South Outgoing Port, Dadaepo, and Cheju Outgoing Port. In case ports have difficulties in raising private capital due to lack of profitability, the government will support the project and expand the Container Terminal Authority's role.

Related to these projects, investments from 2000 to 2011 are estimated to increase by over 40 percent from the set amount, 26 trillion won.