Pusan likely to handle over 8 million TEU of containers

Containers through the Port of Pusan may break the 8 million TEU mark this year.

Early this year, Pusan Regional Maritime Affairs and Fisheries set its sights on 8.1 million TEU for 2001, a goal of 7.4% over last year. However, as economic hardships spread worldwide, MOMAF recently reduced its goal to 8 million TEU. In the first half this year, container cargoes only marked 3.79 million TEU, up by 3.5% over the same period of last year, creating uncertainty as to whether that goal would be met. Coming into the second half this year, cargo volumes began to recover. In July, cargoes increased by 4% over last year to 666,036 TEU, and 5.6% in August to 652,066 TEU. Increase rates jumped to 14.6% in September, leaving total monthly increase rates at the 5% level.

If cargoes continue to keep up this pace, the 8 million TEU goal will be within reach this year, said the Pusan regional MOMAF branch.

"Every year during the last quarter, there are rushes of exports, imports, and transshipment cargoes. Transshipment cargoes are usually around 20% higher than the rest of the year. There will be no problem to break the 8 million TEU mark," said an official in the port division at the Pusan MOMAF branch.

Container cargoes through the Port of Pusan have increased every year since 1997 when they were at the 5 million TEU level, following with 6 million TEU in 1999 and 7 million TEU last year.