South Korea has unveiled plans to invest $9.76 billion (KRW 14 trillion) by 2045 to build Jinhae New Port in a project that will turn Busan into a ‘mega port’ and develop supply infrastructure for alternative fuels.
The project will build 66 berths in Busan Port, with a capacity to dock vessels up to 30,000 TEU. A single operator will be selected for the nine berths that make up the first phase of the project.
The strategy also includes the construction of eco-friendly power generation facilities such as solar power, fuel cells and offshore with power, as well as infrastructure to supply new marine fuels including methanol and ammonia.
The aim is to grow the proportion of renewable energy generation to 25% by 2032 and 100% by 2050.
The strategy aims to boost the port’s competitiveness and secure a stable export and import logistics system amid global supply chain uncertainty, South Korea’s Ministry of Oceans and Fisheries indicated in a statement published today (13 December).
‘The restructuring of supply chains due to the rise of protectionism, regional conflicts, and changes in shipping alliances is both a crisis and an opportunity for our ports,’ Minister Kang Do-hyung said.
‘Based on the Global Hub Port Development Strategy we have established, we will grow Busan Port into one of the global top 3 ports and transform it into a global logistics centre that firmly supports South Korea’s dynamic economy.’
Busan Port handles 76.8% of South Korea’s domestic container traffic and over 97% of transshipment traffic.
Related: Busan sees its first SIMOPs methanol bunkering
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