Busan rewards transhipment loyalty

Busan Port Authority is to return US$12.14m to 52 shipping lines as a reward for moving at least 3% more transhipment cargo through the port in 2004. This is a significant rise on the US$8.35m the port returned in 2003. The incentive programme, along with the policy of cutting port fees, essentially aims to boost the amount of cargo being shipped through this regional hub. In 2004, transhipment traffic amounted to 42.1% of the 11.4m containers that the port handled, itself an increase of 11% over 2003.