Busan growth slows

Busan Port Authority announced on October 20 that it handled 8,809,587 TEU containers up to September for an increase of 4.4% as compared with same year-to-date period of last year.

That slowed growth of 4.4% compares with last year's growth of 9.3%.

The port handled fewer cargoes because transshipment cargoes from Japan only reached 630,000 TEU, a meager increase of 1.7% as compared with last year. Also domestic import and export cargoes stood still as the port lost some cargoes to Incheon and Pyongtaek.

But Busan Port transshipment cargoes from China hit 1,123,900 TEU, increasing 19.2% compared with last year, even as the Chinese government has been developing their domestic ports on a large scale. Conditions look positive for Busan to attract cargoes before Busan New Port opens next year.

One insider from BPA said, "Although Busan Port had less growth this year, the conditions are bad because transshipment cargoes from China increased sharply." Busan Port held a conference to attract cargoes for domestic and foreign shipping companies on October 25.