Buy now-pay later in Busan

The port authority’s president, Ki Tae Roh, has confirmed that from November 1, 2009, until October 31, 2010, the BPA will offer container liners with regular services at Busan Port a delay on paying port usage fees — port entry, dockage, and anchorage. The lines can instead pay the fees acquired during the year period in monthly instalments, from November 1, 2010.

In case of further times of crisis continuing beyond this timeframe, the BPA has a contingency plan to review the situation and consider extending the grace period.

BPA says the “innovative and progressive plan will take some strain off of shipping liners’ cash flow and allow them some much needed time and support for recovery”.