Busan back on track
The South Korean port of Busan expects to be back to its previous operational state by April following repair to major damage inflicted by Typhoon Maemi last September. Eleven quayside gantry cranes had to be withdrawn for repair with two already back in operation by the end of 2003. All 51 cranes in the port were expected to be 100% available as from April, allowing equipment borrowed from other ports to be returned.
Damage amounting to $50m cut capacity at the port by 20% in what was already a highly congested facility. A lot of transhipment container traffic has been diverted to other regional ports with doubts over whether all of it will return given that lines are looking at more direct calls at Chinese ports, rather than rotating boxes in and out on feeders.
Port fees at Busan have been cut dramatically in order to retain traffic while serious consideration is being given to reduce other port levies too.
These lower prices have been promised “indefinitely”.
However, import/export traffic which accounts for 60% of the total, is reportedly strong.
Strong doubts have recently emerged over CSX’s future role in Busan’s expansion plan, which seeks to add 30 deepwater berths by 2011.
Local press reports suggest the stevedore is losing interest in the project given the continuing development of Shanghai which is overtaking Busan to become the world’s third largest container port
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