South Korea's Busan Port Authority (BPA) has announced that it is on track to handle 20m teu in 2016, which represents a 2.8% increase from 2015. (In 2015, the port recorded 19.45m teu of which 9.336m teu was local cargo and 10.114m teu was transshipment cargo - these numbers were up by 0.9% and 7.3% respectively from the year before.) In light of a sluggish shipping market and an average growth rate of around 4% seen by the world's top 10 ports in 2015, BPA's ambition for 2016 is challenging. However, the port is confident of achieving this growth by strengthening its customer service activities, subsidising the cost of inter-terminal transportation of transshipment cargo, and establishing an empty cargo storage area in the New Port. In addition, BPA will hasten its integration plans at North Port to deliver a single unified terminal operator which will also become a shareholder. Additional terminal construction at New Port will be accelerated to meet current cargo demand and to ease congestion at peak times.
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