The terminal’s opening ceremony was attended by President Yoon Suk Yeol, who said the new terminal will bring Busan Port into a world-class smart port and hub for global logistics.
It is the first fully automated terminal in the country with remote-controlled Ship-to-Shore cranes built in Korea and is expected to raise the port’s productivity by up to 20%.
The Busan New Port was opened in 2006 shifting development away from the congested city harbour.
The expansion of the Busan New Port is scheduled to last until 2040-2050. According to the Busan Port Authority, the total expansion project is expected to cost around $32 billion after completion.
Last year’s container volume at the Port of Busan reached a record high of 22.75 million teu, about a 3.1% rise compared to last year.
President Yoon promised to provide $4 Billion in government funds to national shipping businesses so they could grow their fleet and support the transition to a greener and better economy.
The Port of Busan is a hub port in Northeast Asia equipped with high-tech logistics facilities. It connects 500 ports in 100 countries worldwide.
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