CSXWT has purchased an additional 0.5% equity in Pusan Newport Company, the concession consortium for the development of the Pusan New Port project in Busan. The transaction brings CSXWT''s shareholding in the project to 25%. Samsung Corporation also holds 25% in the consortium. In addition, CSXWT holds exclusive right to manage the new terminal for a minimum of 30 years.
The Busan container port is the fifth largest in the world, handling 10.4 million TEUs (twenty-foot equivalent units) in 2003.
In December 2000, the Pusan Newport Company was awarded a 50-year concession contract by the Korean government for the initial development of the Pusan New Port project. The first three berths are scheduled to be completed by the end of 2005, with operations commencing January 2006.
An additional three berths will be built and in operation by January 2007.
