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Local port authority comes to Pusan New Port's rescue

Seoul:  Busan Port Authority (BPA) is in talks to buy three of the six berths run at the Pusan New Port by ailing terminal operator Pusan New Port Corp (PNC). PNC has reportedly offered BPA a per-berth sales price of 200-250 billion won. BPA said, "We hope to reach an agreement with PNC by the end of May and hold an international tender (to determine a new operator of the berths) at the earliest possible date."
Both PSA and HPH have been mentioned as possible buyers of PNC. Pusan New Port has had a constantly troubled existence since it came onstream in January 2006. [12/05/09]

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