Busan Port 'Container' Cargo Volume Expected to Reach Record High of 24.3 Million TEU

Performance Amid Uncertainty in the Global Shipping Market

This year, the container throughput at Busan Port is expected to surpass last year's 23.15 million TEU and reach a record high of 24.3 million TEU.

This represents a 5% increase compared to the previous year, demonstrating once again Busan Port's competitiveness and efficient operations despite uncertainties in the global shipping market.

This achievement is particularly noteworthy as it was accomplished by overcoming various adverse conditions, including the prolonged Russia-Ukraine war and the Red Sea crisis, among other global geopolitical risks.

The significance of this achievement is especially high because it was led by transshipment cargo. Transshipment cargo refers to goods traded between third countries that change ships at Busan Port before heading to their final destination, also known as cargo passing through Busan Port. This differs in nature from export-import cargo, which is influenced by South Korea's economic growth.

In 2024, Busan Port's export-import cargo is projected to be 10.9 million TEU, showing a modest increase of 150,000 TEU (1.4%↑) compared to the previous year, whereas transshipment cargo is expected to increase by 990,000 TEU (8%↑) to approximately 13.4 million TEU, becoming the main driving force behind this record achievement.

The key driver behind this success was strategic cargo attraction activities targeting the Americas and Japan markets, which led to the establishment of four new South America routes by global shipping lines. The BPA, through CEO-led hands-on marketing, strongly emphasized the advantages of calling at Busan Port to global carriers such as Maersk and Hapag-Lloyd when opening routes to the Americas.

If vessels bound for the Americas on Asia-Americas routes call at Busan Port before crossing the Pacific, they can secure a higher stowage rate than any other Asian port. This is because Busan Port has the largest number of feeder routes connecting China, Japan, and Southeast Asia. Large mother vessels bound for the Americas can utilize these feeder routes to consolidate as much cargo as possible from other ports at Busan Port, maximizing vessel loading. From the carriers' perspective, using Busan Port as the last port of call in Asia maximizes fleet operation efficiency, while Busan Port benefits by attracting a large volume of transshipment cargo.

By providing shipping lines with in-depth analyses of this competitive advantage as the last port of call in the Asian region, BPA offered clear grounds for global carriers to select Busan Port as a strategic transshipment hub. As a result, transshipment cargo bound for the United States increased by 18% compared to the previous year, and cargo bound for Canada rose by 17%.

Additionally, remarkable achievements were made in Japan, Busan Port's second-largest transshipment market. Representatives from labor, management, and government jointly participated in a promotional seminar for Japanese shippers to encourage the use of Busan Port, highlighting its competitiveness and operational efficiency. Consequently, transshipment cargo in Akita and Ishikari, where the seminar was held, increased by 8.8% compared to the previous year.

All these achievements were made possible by BPA's continuous efforts for future preparedness and stable operations. This year, Busan Port expanded its cargo handling facilities by opening the DGT, the 7th berth at the New Port and Korea's first fully automated container terminal, to respond to disruptions in the maritime supply chain. Furthermore, the Chain Portal, recognized by the World Bank as an exemplary Port Community System (PCS), was further developed to improve the reliability and efficiency of Busan Port's transshipment processes.

BPA President Kang Jun-seok stated, “Despite the Russia war and the Red Sea crisis, Busan Port has firmly maintained its competitiveness through proactive responses and cooperation with global shipping lines. Even amid intensified US-China trade conflicts and uncertainties during the second term of the Trump administration, we will solidify our status as a global logistics hub by expanding infrastructure and strengthening port competitiveness.”

Busan New Port.

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