The plan is the vision of the Korean Ministry of Ocean and Fisheries and Busan Port Authority (BPA) to build on the average 10% annual increase in transshipment cargo at Busan in recent year.
The ports figures show that by outpacing the 4.2% average annual growth of local cargo, transhipment overtook local cargo operations in volume terms for the first time in 2014, accounting for 9.43m teu, or 50.5%.
Eight new berths are to be created at New Port by 2020 as part of a plan to integrate current container handling activities and the New Port and North Port. These new berths will add capacity of 6.2m teu, with a feasibility study to be carried out to assess the prospect of expanding New Port's western container terminal.
An existing multipurpose terminal which sits between the North and South container terminals is to be relocated and replaced with a yard tractor shuttle road and storage area. The plan also includes the creation of a feeder terminal for intra-Asian carriers.
The current four terminal operators at North Port are to form a joint venture, with the BPA taking a stake in the company.
The port also announced the acceleration of planned dredging works to 17 m, so as they are completed in March 2017. Todo Island in the port entrance is due to be removed by 2019, and the port entrance will be expanded by 2018.
The world's largest transhipment port is Singapore with an estimated 80 - 85% of its 33.87m teu handled in 2014 coming from transhipment.
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