South Korea to Invest over USD 13 Bn in Port Expansions

Port of Busan South Korea has revealed its plans to invest some KRW 14.7 trillion (USD 13.3 billion) into the expansion of the countrys ports, according to data released by South Korea’s Ministry of Oceans and Fisheries (MOF). The investment, scheduled to be undertaken in the period from 2016 until 2020, is aimed at preparing the countrys ports for the era of mega ships. Namely, it was understood that the plan covers the expansion of 140 cargo berths, as well as 30 international trade ports and 29 coastal ports. Additionally, South Korea said that it plans to make Busan the second largest container transshipment hub, while the port of Gwangyang would become the largest industrial port. The second phase of the Busan New Port expansion project is expected to be completed by 2020, while the third phase of the expansion would increase the number of berths from 21 to 37. World Maritime News Staff