South Korea’s Busan Port said that despite the weak global economy, cargo volume in August posted healthy growth compared to the same month last year, and that transshipment cargo handled in the month even set a new company record.
Busan Port Authority (BPA) said the port processed 1.634 million twenty foot equivalent units (TEUs) in August this year, higher by 4.4% compared to year-ago levels.
From January to August 2015, the port handled 12.995 million TEUs, a 5% hike or 616,000 TEUs more compared to the same period the previous year.
Busan Port also broke in August its old record for transshipment volume with 855,000 TEUs against the previous high set in January this year of 849,000 TEUs.
The authority noted that volumes for all three categories of shipments expanded in August. Import cargo went up 4.4%, export volume inched up 1.2%, and transshipments surged 7.4% year-over-year.
Transshipment volume—which accounted for 52.3% of total cargo volume in the month—has been growing annually since 2013, ballooning to 5.802 million TEUs in 2013, then 6.256 million TEUs in 2014, and 6.744 million TEUs in 2015 (January-August).
Moreover, transshipment cargo ratio to total cargo volume has been increasing gradually: 49.3% in 2013, 50.5% in 2014, and 51.9% in 2015. As of 2014, transshipment cargo volumes have outgrown those for imports and exports.
This, said the agency, is proof that “Busan Port is developing as a T/S cargo hub in Northeast Asia.”
Cargo handling ratio between Busan New Port and Busan North Port from January to August 2015 was 66% (8.571 million TEUs for New Port) to 34% (4.424 million TEUs for North Port) compared to 64% to 36% in the same period last year. The tilt toward New Port in cargo volume concentration is deepening, said BPA.
As of August 2015, transshipment cargo volume by top partner nations is as follows: China (2.133 million TEUs), U.S. (983,481 TEUs), Japan (981,537 TEUs), and Europe (362,785 TEUs).
While China, U.S., and Europe increased transshipments year-on-year by 13.7%, 16.6%, and 6.7%, respectively, Japan’s decreased 0.5%.
Shanghai port carves September growth
Meanwhile, China’s Shanghai port handled 3.09 million TEUs of containers in September, up 2.7% compared to the 3.01 million TEUs recorded in the same month of 2014, according to figures from Shanghai International Port (Group) Co. (SIPG). Month-on-month, volumes dipped by 2.2% from 3.16 million TEUs.
From January to September this year, Shanghai port set an overall box volume of 27.40 million TEUs for a 3.6% hike from 26.45 million TEUs registered in the same period of last year.
Photo courtesy of BPA
