Inchon Metropolitan City to build new port in Song-do

Inchon Metropolitan City announced November 9th that it had reached an agreement in an MOU to build a new port in Song-do with an American partner, the Pyne Company.
The consortium assembled by Inchon includes two partners, Pyne Company and HHLA, a world-class German investment company. Its consortium will conform to BTO. According to BTO, management rights will be transferred to Korea after 50 years.
The Song-do new port will cover 1.35 million pyoung and is scheduled for completion in late 2008. Construction costs are estimated to be around 1.8 trillion won.
"We will ask IRMAFO(Inchon Regional Maritime Affairs&Fisheries Office) for permission so as to conform to BTO. In 2008, when the construction is completed, Inchon port will have a 3.6 million TEU annual capacity. The present capacity is 0.77 milion TEU per year," said an officer.