South Korea is investing $573 million in a new feeder terminal to strengthen Busan’s status as the leading transshipment hub in North Asia. The port will undertake two significant initiatives: the terminal development project and the implementation of a real-time data-sharing platform.

In 2024, transshipment accounted for 55% of Busan’s total volume, reaching 13.5 million TEUs which represented a 9% increase compared to the previous year. In contrast, gateway cargo saw only 1.5% growth.

South Korea’s Ministry of Oceans and Fisheries has selected Busan Newport One-stop Terminal Company to develop a four million-square-foot feeder terminal next to the South Container Terminal. The facility is expected to open by 2030, increasing annual capacity by 1.5 million TEUs. The terminal will feature two 2,000-TEU berths and a 30,000-DWT berth for breakbulk and general cargo.

Additionally, the Busan Port Authority (BPA) is testing Port-i, a digital platform for real-time tracking of transshipment containers for inbound cargo and inter-terminal transfers. BPA will oversee the system to maintain data control, as many carriers are reluctant to share information with private operators.

BPA’s director of international logistics, Lee Eung-hyuk, noted that improvements in the data system could encourage other carriers to follow. Furthermore, Lee mentioned that the Gemini Cooperation launched in February last year, is already helping North Asia shippers by reducing transit times on Asia-Europe routes.

Source: Journal of Commerce