South Korea’s largest port is set for huge expansion, taking over quayside at a nearby city.
South Korea’s oceans ministry unveiled plans today to invest KRW14trn ($9.75bn) through 2045 to upgrade Busan port.
South Korea will construct a new port in Changwon, 25 km west of downtown Busan, integrating it with the existing Busan port to double the current cargo handling capacity.
“Amid the relocation of production facilities due to the conflict between the US and China, along with geopolitical uncertainties and climate challenges, the maritime logistics industry is facing increased uncertainty,” the ministry said.
“To maintain Busan Port’s reputation as a global transhipment hub and its competitiveness, we need to pursue strategies that connect the development of the new and existing ports,” it added.
Under the blueprint, the expanded port will have the capacity to accommodate 66 vessels, up from the current limit of 40. The total berth length will also be extended to 25.5 km, compared to the current 18.8 km.
The port handles all manner of cargoes. For containers, it ranked as the seventh largest in the world last year with a throughput of 22.75m teu.
