Korea’s ports have greatly contributed to national economic growth as the key infrastructure handling more than 99% of all import and export cargo volume. Ports efficiently and economically provide shippers with optimal service in cargo transfer, inspection, storage and management.
As a part of the integrated transportation system, ports enhance the competitiveness of local industries and regenerate the regional economy, by ensuring a seamless flow of cargo as fast and accurately as possible among the various modes of transportation at minimum cost. And as a key link in the supply chain, ports that serve as industrial and living space also provide value-added logistics. Busan Port is located on a main line of sea routes ranging from and toward Europe and America in the aspect of harbor location.
As the world economy grows, container throughput continues to rise whilst the division of labor intensifies, and further highlights the importance of free trade zone in the distripark. Shipping and port operation are incorporated into networks, smaller but more central ports are operated and connected and competition to expand facilities and efficiency in hub ports become increasingly fierce.
It has been generally understood that the most important factors on which shipping companies count to determine a container terminal are its location, rates, productivity, and services. Global shipping companies strategize to cut down costs by expanding joint operations. Stevedoring companies also try to secure positions at major ports to maximize profit and market share through shipping and port operation networking.
In the future, they will go beyond the conventional function of cargo distribution to create value-added in link with manufacturing, information technology and recreational activities.