Hanjin opens $340 million Busan New Port terminal

South Korea’s leading shipper Hanjin Shipping officially opened its 420 billion Korean won ($340 million) Busan New Port Phase 2-1 Terminal Wednesday.

We will make this new port a new growth engine despite declining cargo volumes and economic uncertainties,” Hanjin Shipping Vice-Chairwoman Choi Eun Young was quoted saying at the terminal’s opening ceremony. The terminal, operated by Hanjin’s subsidiary Hanjin New Port Company, is targeted to handle 1.6 million twenty-foot equivalent units (TEUs) by 2010 and 2 million TEUs by 2011. It sits on approximately 687,590m³ of land with three 18 metres deep berths which can accommodate up to three 12,000 TEU class vessels at the same time. The phase 2-1 terminal also boasts the world’s first automated horizontal yard crane system. “I hope Hanjin Shipping’s Phase 2-1 Terminal will contribute to promoting Busan New Port as the state-of-the-art hub port of Far East Asia,” Choi added. The terminal brings Hanjin Shipping’s container facilities to a total of 13 dedicated terminals.

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