Busan Port Authority Reduces Shipping Fees by 50% for New Vessels on Americas and Southeast Asia Routes

Support for Export Companies Facing Rising Freight Costs and Difficulty Securing Cargo Space

Busan Port Authority.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Busan Port Authority (BPA, President Nam Ki-chan) will reduce port facility usage fees by 50% for newly deployed vessels on the routes to the Americas and Southeast Asia to support domestic export companies facing difficulties due to rising maritime freight rates and securing loading space.

Recently, the loading space of vessels on the Americas and Southeast Asia routes has been preferentially allocated to China, which mass-produces consumer goods, causing domestic export companies to struggle with shipping export volumes.

Busan Port Authority has decided to reduce vessel entry and exit fees (excluding navigational aid fees), berth fees, and anchorage fees by 50% for newly deployed vessels on the Americas and Southeast Asia routes to help resolve these difficulties faced by export companies.

The implementation period is three months from December 1, 2020, to February 28, 2021, based on the vessel's arrival date, and the reduction will be applied retroactively from December 1.

Busan Port Authority initiated this reduction system to support shipping companies in actively deploying vessels on routes with insufficient loading space, aiming to alleviate export cargo congestion and revitalize port logistics through Busan Port.

President Nam Ki-chan said, “We hope the newly established port facility usage fee reduction system will help our companies' exports and provide some relief to the shipping and port industries facing difficulties,” adding, “BPA will actively respond to the rapidly changing shipping and port environment due to COVID-19 and make various efforts, including establishing new support systems, so that customers can use Busan Port more conveniently.”

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