Busan Port News

28 Aug 2018

Hyundai Merchant Marine Cargo Processing at Busan Port Hits Record

Photo: Hyundai Merchant Marine

Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port for January to July 2018, has hit a new record.Processed cargo during the first seven months of this year reached 1,157,980 TEU, an increase of 14.3 percent year-over-year.For the volume of exports and imports has recorded 608,872 TEU, a soaring 14.1 percent year-over-year.Also, the transit cargo volume increased from 473,341 TEU to 541,926 TEU, up 14.5% year-over-year.HMM attributed the performance to its service & volume reliability…

10 Apr 2018

India Signs MoU with Korea on Seafarers

Photo from Official Twitter page of Nitin Gadkari and the Ministry of Shipping

India signed an MoU with the Republic of Korea (South Korea) on Mutual Recognition of Certificates of Competency of Seafarers. This paves the way for the two governments to mutually recognize  the certificates of  maritime education and training, competency, endorsements and medical fitness of seafarers issued by each other. The agreement was signed by Nitin Gadkari, Ministry of Shipping, Road Transport & Highways and Water Resources, River Development & Ganga Rejuvenation and his Korean counterpart Kim Young-choon at a ceremony in Busan.

08 Apr 2018

Indian Shipping Minister Nitin Gadkari to Visit South Korea

Nitin Gadkari. Photo: Official Twitter Page

Nitin Gadkari, India's Union Minister of Shipping will be on an official visit to the Republic of Korea (South Korea) from today (9 April 2018). During the 4 day visit, Shri Gadkari will focus on taking forward the bilateral cooperation between India andKorea in shipping, ports, inland waterways, highways, river interlinking and infrastructure sectors. An Undertaking on Mutual Recognition of Certificate of Competency of sea-farers will be signed during the visit. Known for maritime technology prowess…

05 Apr 2018

Busan Port Endeavors to Attract Shipping Alliances

Image: Busan Port Authority (BPA)

Busan Port Authority carried out marketing activities to attract T/S cargo from three global major shipping alliances through visiting their Asian Pacific regional headquarters. The three global alliances, 2M(Maersk, MSC), OCEAN (CMA·CGM, COSCO, Evergreen, OOCL), THE(Hapag-Loyd, Yang-Ming, ONE), calling at Busan Port account for 80percent of global cargo volume. Busan Port handled 71 percent(7.28 million TEU) of their T/S cargo and it played a significant role in achieving 20 million TEU.

10 Nov 2017

Busan Port Aims for Top-notch Eco-friendly Port

Photo: Busan Port Authority(BPA)

To this end, BPA plans to convert 5 conventional RTGC into fully electric RTGs (E-RTGC) by the end of this year and will convert 85 more RTGC equipment. The e-RTGC conversion project is conducted by BPA and Busan Port Terminal Corp. BPA will cover the construction expenses for infrastructures at Gamman Pier 2,3,4 berth to provide electricity and BPT will pay for the equipment renovation.

23 Aug 2017

HMM’s Cargo Processing at Busan Port Hit Record

Graph: Hyundai Merchant Marine

Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port, the largest sea gateway in Korea, has hit a new record. HMM handled 167,018 TEUs of cargo through the port in July, increased by 93 percent year-over-year. HMM has previously set a record of handling over 150 thousand TEUs in Busan Port in April and successfully set a new record of handling over 160 thousand TEUs after just three months. Transit cargo, in particular, has recorded 85,717 TEUs - soaring 133 percent year-over-year.

25 Jul 2017

Hyundai Merchant Marine Asia-US West Coast Volume Up by 77%

Graph: Hyundai Merchant Marine

Hyundai Merchant Marine (HMM) has announced that its Asia-US west coast (USWC) volume in June 2017 increased 77% year-on-year. According to PIERS Data, HMM’s Asia-USWC handling cargo rose year-on-year from 7,953 TEU/WK to 14,055 TEU/WK (up 77%) at the end of June 2017. Moreover, HMM ranked 4th in terms of market share, up from 12th the previous year. HMM’s Asia-all US route cargo handling also rose year-on-year from 11,626 TEU/WK to 17,291 TEU/WK (up 49%) in June 2017. Furthermore, HMM’s USWC market share has grown to 7.4%, up 3.4%p from the same month last year.

29 Jun 2017

HMM Meets Vietnamese Delegation

HMM CEO Yoo Chang-keun (second left), Vice Minister of Transport in Vietnam Nguyen Van Cong(third right) and other relevant parties are discussing various cooperative methods for port business in Vietnam. Photo: Hyundai Merchant Marine

On June 29, Vice Minister of Transport in Vietnam, Nguyen Van Cong accompanied by delegates from Vietnam Maritime Administration (VMA) and Vietnam National Shipping Lines (Vinalines) visited Hyundai Merchant Marine(HMM).   The delegates arrived Korea on 26th at the invitation of Busan Port Authority (BPA).    HMM CEO, Yoo Chang-Keun and executives have attended the meeting, discussing various cooperative methods for port business in Vietnam.   The Vietnamese delegation was in Korea to attend Korea Maritime Week.

20 Feb 2017

SM Line's Maiden Voyage Next Month

Photo: S M Ship Management

The new container carrier SM Line, owned by South Korean Samra Midas (SM) Group, will launch its first service in the second week of March. The shipper which took over Hanjin's service network between Asia and the US, will also take over several of Hanjin's terminals in South Korea. According to a report in Pulse, it will set sail on its maiden voyage on March 8 along the East and South China Sea with 1,000 twenty-foot equivalent (TEU) container onboard. The fledgling shipper’s first cargo service will depart Busan port in southern Korea and stop at China…

25 Jan 2017

Korea's Seaport Cargo Grows

Photo: Busan Port Authority

The volume of cargo processed at South Korea's seaports reached a record high last year despite a global economic slump and the collapse of the country's leading shipper, Korea Herals quoted the government as saying. Cargo handled at seaports across the nation totaled 1.5 billion tons in 2016, up 2.7 percent from a year earlier, according to the Ministry of Oceans and Fisheries. Trade cargo totaled 1.23 billion tons, while domestic shipments came to 265 million tons. The increase came mainly from the 3.1-percent rise in non-container cargo to 1.06 billion tons.

31 Dec 2016

Shipping Lines CEO Meet at Busan Port to Attract Int’l Passengers

CEOs of Shipping Liners Gather to Attract Int’l Passengers Photo Busan Port

Busan Port Authority (BPA, president WOO Ye-jong) stated that BPA held a meeting for KOR·JPN passenger liners(six companies) and Busan Tourism Organization on the 30th in order to attract more international passengers to the Busan Port. The meeting aims to vitalize the local tourism industry which is stagnated from domestic economic recession and boom of low cost carrier.   BPA plans to continue its effort to improve passenger service at Busan Port and to stregnthen cooperation with shipping liners and tourism organization by having regular meetings between private and public sectors.

23 Dec 2016

Busan Port May Hit by Shipping Alliance Reshuffle

Photo: Busan Port Authority

The upcoming reorganization of global shipping alliances is likely to hit Korea’s largest port in Busan and  the harbor volume of Busan Port is expected to drop by 3.5 percent from next year, the Korea Herald reported quoting Korea Maritime Institute (KMI)’s report. KMI  announced on December 22 that as a result of the analysis of the port rotation adjustment plans formulated by the soon-to-be-established shipping alliances "Ocean" and "THE Alliance," the number of shipping services using the port of Busan is likely to decline by three compared to the current figures.

21 Sep 2016

Busan: Business May Not be As Usual, Post Hanjin

Photo: Hanjin Shipping

Though Busan Port, the largest customer of Hanjin Shipping and hit hardest by the Liner's collapse,  asserts that everything is under control, doubts are being raised on Hanjin rehab plan as ships clog at the South Korean port, reports Reuters. As 13 Hanjin ships crowded waters outside the country's biggest port, the South Korean court handling Hanjin's receivership cast doubt on the container carrier's ability to survive a restructuring. A rehabilitation plan for the world's…

04 Jan 2016

Lim Ki-tack Will Take Office As IMO Chief Next Month

Lim Ki-tack. Photo by limimo.org

Lim Ki-Tack, who has been elected as the next secretary-general of the International Maritime Organization (IMO) in a ballot, will start his four-year term in the beginning of next year, the South Korean government said, reports Yonhap. Lim will replace Secretary-General Koji Sekimizu to become the 9th IMO secretary-general starting Jan. 1. With six candidates in the running  it took five rounds of voting before Lim was able to collect more than half the 40 votes from IMO Council members.

10 Nov 2015

Hanjin-Hyundai: No Merger or Only Restructuring?

Photo: Hanjin Shipping

South Korea’s government is discussing whether to merge or sell  Hanjin Shipping and Hyundai Merchant Marine in an attempt at state-led industrial restructuring. But the two lines in question belong to different container alliances, are fierce rivals and have both denied that Seoul is trying to coerce them to merge. “There is a need to maintain the existence of the two companies when considering the impact a merger could have on South Korea’s import- and export-oriented economy and global shipping alliances…

03 Sep 2015

Busan Port Names Woo Ye-jong as New CEO

The Busan Port Authority (BPA) announced Woo Ye-jong has been named as its new CEO, as appointed by the Korean Ministry of Oceans and Fisheries. Woo took office on July 31, 2015 and will serve for a three year term. He succeeds Lim Ki-tack who will take over as Secretary General at the International Maritime Organization (IMO) in January 2016. On taking his new role, Woo said, “My focus as CEO will be on strengthening the port’s competiveness by improving efficiency and keeping control of costs. Woo is keen to work closely with the port’s terminal operators and to reflect their ideas and opinions in BPA’s future strategy. BPA said it will also help relieve some of the burden currently facing its terminal operators, particularly issues that have the potential to result in job losses.

25 Aug 2015

Busan LNG Bunkering Terminal by 2020

Photo Source: Busan New Container Terminal

A new liquefied natural gas (LNG)-bunkering terminal may become operational at South Korea's Busan New Port by 2020. South Korean shipping company Polaris Shipping will reportedly invest $500 million (KRW 600 billion) to construct the facility. According to IHS, the terminal will occupy a 185,700 m² site in Busan New Port and is to have four berths and two LNG tanks. Busan Port Authority and Busan Regional Oceans & Fisheries Administration had received a business proposal from Polaris Shipping and sought approval from the Ministry of Oceans and Fisheries.

27 Jul 2015

Korea Plans Big for Busan Port

Photo: Busan Port Authority

Port of Busan aims to handle 13 million TEU of trans-shipment cargo by 2020 ranking it number two in the world. A long-term vision and strategy to develop the Port of Busan into a global transshipment hub port has been announced by the Korean Ministry of Ocean and Fisheries together with the Busan Port Authority (BPA). In recent years, transshipment cargo at Busan has grown by an average of 10 percent year-on-year while local cargo has increased by 4.2 percent. In 2014, trans…

30 Jun 2015

Ki-tack Lim Elected as IMO Secretary General

Ki-tack Lim (Photo: IMO)

Ki-tack Lim from the Republic of Korea has been elected as the new Secretary General of the International Maritime Organization (IMO), with effect from January 1, 2016, for an initial term of four years, the IMO announced. The current president of Busan Port Authority, Lim has served as the Republic of Korea’s Deputy Permanent Representative to IMO from 2006 to 2009 and was Chairman of the Sub-Committee on Flag State Implementation (FSI) from 2002 to 2004. Lim majored in nautical science at the Korea Maritime and Ocean University (KMOU), Busan, graduating in 1977.

01 Jun 2015

Busan Port to Meet Thriving Cruise Demand

In response to Northeast Asia’s rapidly growing attractiveness as a cruise destination, South Korea’s port of Busan is bringing new facilities on-stream this year and has unveiled plans for further developments in the future. In September, the port will officially open a new cruise terminal to complement the current facility – Yeongdo Cruise Pier, opened in 2007 – to accommodate the trend for larger vessels. The new terminal is located in the redeveloped area of Busan Old Port and has excellent connections to central Busan and is directly connected to the bullet train station. This facility will take cruise ships up to 130,000t and has 360m of quay length with 12m of water depth. The new terminal facility is a six-story building with total area of 93,932 square meters.

20 May 2015

KSA Donates $50,000 to World Maritime University

From left: Cleopatra Doumibia-Henry, Kyong-Hoon Kim and Neil bellefontaine (Photo: KSA)

Yesterday in Malmö, Sweden, the Korean Shipowners’ Association (KSA) made a donation of $50,000 to the World Maritime University. The donation was handed over by KSA chairman, Youn-jae Lee, at a ceremony attended by Cleopatra Doumibia-Henry (president designate of WMU) and Neil Bellefontaine (current president). WMU moved into Malmö city earlier this month and KSA’s donation will be used to furbish the university’s cafeteria which has now been named KSA Hall. KSA said it maintains strong relationships with WMU as more than 80 Korean shipping professionals have graduated from the university.

29 Apr 2015

Busan Port Unveils Expansion Plans

The Korean government announced plans to add a further 15 berths to its flagship Busan New Port in the south of the country to increase container capacity by 15.8 million TEU. The new facilities will be a mix of container terminals, feeder terminals and multipurpose terminals and work will begin in stages based on actual cargo demand and under the coordination of central government. Development began at Busan New Port in 1994, and today it operates 22 berths with an additional eight currently under construction. Total container throughput at Busan Port Authority (BPA) reached 18.68 million in 2014 with the New Port accounting for 64% or 11.93 million TEU.

20 Apr 2015

Rotterdam and Singapore Ports' Pact on Research

Andrew Tan, MPA Chief Executive, and  Allard Castelein, President and CEO of the Port of Rotterdam Authority signing the Memorandum of Understanding (MOU): The Maritime and Port Authority of Singapore (MPA)

The Maritime and Port Authority of Singapore (MPA)  and the Port of Rotterdam Authority have signed a Memorandum of Understanding (MOU) to exchange information on marine services and jointly collaborate on research and development in the areas of service efficiency and optimisation, and new developments in the maritime and port sectors. Under the MoU the two parties will exchange information on marine services, including standards, and regulatory frameworks for bunkering and other marine services, as well as the application of information technology in providing those services.

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