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Both Port Calls and Freight Volumes Increased in Busan Port After One Year of Preemptive Response to the Panama Canal Expansion
Writer
Admin
Date
2017-08-28
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875
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Photo Source: Getty Images Bank



The expanded Panama Canal opened in June 2016. For one year, cargo traffic between Busan and major ports on the US east coast increased by 7.6% with the transshipment volume jumping by 11.1%. Most notably, the number of services using the Busan Port as a transshipment hub between Asia and the US east coast increased by 13 during the period to a total of 42. The achievement can be generally attributable to the efforts by the Busan Port Authority to analyze the estimated impacts of the canal expansion on the logistics patterns in the region, and in particular, by the operations of the Port of Busan, in taking preemptive actions accordingly. The Authority’s constant efforts include the introduction of new services based on incentives to vessels passing through the Panama Canal and the development of collaborative projects with the Panama Canal Authority (PAC)