Despite 'Corona', Busan Port Performed Well... 'Solo Transshipment' Cargo Volume Shows Positive Growth

Busan Port Targets 22.7 Million TEU Container Throughput in 2021
Challenges to Achieve Transshipment Container Volume Goal of 12.69 Million TEU

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] How much container volume will be handled at Busan Port next year?

The Busan Port Authority (BPA) has set the total cargo volume target for Busan Port in 2021 at 22.7 million TEU. This is a 4.3% increase compared to the 2020 actual results and about 1% higher than the 2021 forecast of 22.495 million TEU.

Next year's import and export cargo volume is projected to increase by approximately 1.007 million TEU (2.3%) based on a regression model analyzing the correlation between GDP growth rates of 13 major global regions announced by the International Monetary Fund (IMF) and the import-export cargo volume between those regions and Busan Port from 2004 to 2020.

Transshipment cargo volume is expected to increase by 12.488 million TEU (4.2%), calculated by aggregating the transshipment forecasts of the top 20 shipping companies that handle 99% of Busan Port's total cargo volume.

The transshipment cargo volume target is set at 12.69 million TEU, about 200,000 TEU higher than the forecast, considering the uncertain development of the global pandemic, economic and shipping market recovery forecasts from domestic and international professional institutions, and BPA's marketing strategies for Busan Port.

To achieve these targets, the Busan Port Authority plans to continue non-face-to-face On-tact marketing targeting global shipping companies by quantifying Busan Port's transshipment competitiveness (such as lead time reduction effects).

To increase the trust of Japanese shippers, a key strategic region, in using Busan Port, BPA plans to actively utilize its Japan representative office.

Even while major global transshipment ports experienced cargo volume declines after the COVID-19 pandemic, Busan Port recorded positive growth in the transshipment cargo volume sector alone.

Nam Ki-chan, President of the Busan Port Authority, stated, “Despite the decrease in cargo volumes at major global transshipment ports due to the global pandemic this year, Busan Port maintained its status as the world's second-largest transshipment container port thanks to its world No. 2 route connectivity, vessel punctuality compliance, and reasonable costs compared to competing ports.” He added, “Next year, to maintain Busan Port’s transshipment competitiveness, we will continue to implement policies aimed at improving operational efficiency at Busan Port.”

This content was produced with the assistance of AI translation services.