South Korea’s Busan New Port has launched a seventh container terminal extending its box capacity.
The terminal’s opening ceremony was held on 5 April and was attended by South Korea’s President Yoon Suk Yeol, who lauded the facility as a milestone in turning Busan Port into a world-class smart port and hub for global logistics.
The new facility is the first fully automated terminal in the country featuring remotely controlled ship-to-shore cranes, which were built in South Korea. The automated processes are expected to boost the port’s productivity by up to 20% compared with other terminals and significantly lower the risk of safety-related incidents.
The development project was carried out in phases, and the new port expansion is scheduled to last up to around 2040-2050. According to the Busan Port Authority, the overall expansion project will cost around US$32 billion.
In 2023, the Port of Busan handled 22.75 million TEUs, translating to a 3.1% growth compared to 2022 figures.