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12-port capacity plan unveiled

Friday, 23 August 2019 | 00:00

An East Asian country has unveiled large scale plans to boost its cargo-handling capacity at 12 ports by 2040.

South Korea’s move is costed at 41.8 trillion won (US$35.2bn). Government will pay a significant part of the cost and plans to spend 16.08 trillion won but is expecting the private sector to fund the lions share at 25.7 trillion won, Yonhap news agency said.

Once in place capacity will increase to 1.85bn tonnes per year from the 1.32bn tonnes recorded in 2017, the Ministry of Oceans and Fisheries said via the official Yonhap news agency.

Busan, on the South East tip of the country is set to becomes a “mega port” capable of handling several 25,000 teu vessels.

“We will make Busan Port the world’s third largest port by 2040,” Moon Seong-hyeok, Minister of oceans and fisheries, told reporters.

Busan Port is already the sixth largest port in the world. In 2018 it handled 21.66m teus of cargo, behind Shanghai, Singapore, Ningbo, Shenzhen and Guangzhou.

One first will be a cruise ship facility at Jeju Island – one of Korea’s major tourist sites.
Source: Port Strategy

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