• Home
  • News
  • Busan Port Authority budget to reach KRW 1.3 trillion in 2021
  • 2020 December 30 14:07

    Busan Port Authority budget to reach KRW 1.3 trillion in 2021

    Busan Port Authority (BPA, CEO Nam Ki-chan) stated that the BPA budget for 2021 was set at 1.3339 trillion won (or more than $1.2 bn) by the 235th Port Committee (Chairman Kwalk Kyu-suk) meeting held on Dec. 17. This includes capital expenditure of 986.7 billion won and revenue expenditure of 347.2 billion won.

    The 2021 budget planning focused on overcoming COVID-19, establishing a smart shipping and logistics system for the 4th IR, and implementing BPA’s New Deal Projects (30 tasks in 5 areas, investment of 186.5 billion won, and 32.2 billion won in 2021) with a general vision of incorporating core values, such as globalization, digitalization, going green, integration, and strengthening of safety, into new growth businesses.

    Considering the management conditions weakened by COVID-19, unnecessary spending and other irrelevant projects were minimized in order to achieve financial soundness.

    To be more precise, expenditure was increased to 1333,9 billion won, a 329 billion won increase from 1004.9 billion won in 2020. It includes 362.9 billion won for port infrastructure construction, 214.1 billion won for the North Port Redevelopment Project, 37.6 billion won for investments, 21.2 billion won for port facility maintenance, 4.9 billion won for CR activities, 39 billion won for port security and safety projects, and 4.2 billion won for IT projects, etc.

    BPA’s priority for expenditure is the Busan New Port West Container Terminal Development and West Container Distripark Construction projects to prepare for the future, as well as the Busan North Port Redevelopment project, a Korean-style New Deal project.

    In particular, BPA's 2021 budget allocated 30 billion won and 32.2 billion won for fighting COVID-19 and implementing BPA-style New Deal projects respectively. It allocated 30 billion won for exempting lease/use fees for carries, operators, and tenant companies to alleviate their pain and to provide temporary incentives for global carriers and shippers.

    Moreover, 32.2 billion won was allocated to establish a smart shipping and logistics system (Digital New Deal) and a green and safe port (Green New Deal) by implementing 14 BPA-style New Deal tasks.

    CEO NAM Ki-chan stated, “We will continue to maintain Busan’s competitiveness and strength Busan Port capabilities with the general direction of globalization, digitalization, going green, integration, and strengthening of safety.

    In particular, we will protect the port worker safety, prevent competitiveness from being undermined, actively adopt the 4th IR technologies at the port, construct port infrastructures consistently, and complete the North Port Redevelopment Project.

    We will faithfully work for job creation, nurture port-related industries, and enter into overseas market.”

2022 January 16

16:03 Norwegian Cruise Line introduces Norwegian VIVA
14:17 SCHOTTEL to supply propulsion systems for new Italian LNG bunkering vessel
13:38 Wilhelmsen Ship Management takes a majority stake in Ahrenkiel Tankers to strengthen its position in the tanker market
12:19 Simpson Spence Young acquires Anchor Shipbroking Inc.
11:02 Forever Oceans signs deal with Brazilian Gov't for world’s largest offshore concession for sustainable seafood production

2022 January 15

14:27 NGOs join local residents and First Nations in fight against toxic shipbreaking in British Columbia
13:02 Balk Shipyard joins forces with Zhongying
12:48 ENEOS and Marubeni to introduce an environmental-friendly fueled ethylene carrier
11:37 Offshore oil needs more shuttle tankers as volumes requiring transport set to rise by 35% this decade
10:52 CMA CGM announces inaugural call at Port of Wilmington in North Carolina

2022 January 14

18:36 Ernst Meyer appointed Torvald Klaveness CEO from April 1st, 2022
17:56 The Valencia Containerised Freight Index stabilises its growth with an increase of 4.14% in December
17:51 Some 700 samples of sea water and atmospheric air tested at CPC Marine Terminal sites near Novorossiysk in 2021
17:26 PSA container throughput up by 5.6 % to 91.5 mln TEUs in 2021
17:06 HHLA Sky and the HPA form technology partnership at the Port of Hamburg
16:35 Shell signs contract with thyssenkrupp for green hydrogen plant
16:15 Maersk launches new reefer train service between Algeciras and Marin
15:56 Throughput of Russian seaports in 2021 rose by 1.7% Y-o-Y
15:33 Port Vitino investor to announce design competition in Q1’2022
15:14 The newest Viking's ocean cruise ship floats out at the shipyard in Ancona
15:13 A.P. Møller - Mærsk announces revenue of USD 18.5bn for Q4 2021
15:00 Rosterminalugol handled 24.4 million tonnes of coal in 2021, down 8% YoY
14:46 Titan LNG collaborates with Corsica Linea on delivery of LNG and bioLNG in the Port of Marseille for Corsica Linea’s new Ro-Pax ferry
14:29 Throughput of Petersburg Oil Terminal fell by 2.2% in 2021
12:45 Russia's Main Department of State Expertise approves construction of LPG terminal in Primorsky Territory
12:23 Volvo Car Gent extends electric drive in North Sea Port
12:00 United Shipbuilding Corporation delivered 19 ships in 2021
11:48 Port of San Diego awards contract to double cruise ship shore power capability
11:17 A consortium of Japanese companies complete the “Joint Technological Development Programme for the Demonstration of Unmanned Ships”
10:56 Ships of RF Navy’s Pacific Fleet entered Indian port of Cochin
10:34 Philly Shipyard to build the first Jones Act Subsea Rock Installation Vessel
10:24 EC adopts a decision prohibiting a merger that would combine two leading global shipbuilding companies
10:12 ICS and IMPA shipping guidance can help curb pilot transfer fatalities
09:51 Baltic Dry Index as of January 13
09:46 MABUX: No firm trend in Global bunker prices on Jan 14
09:32 Indian Register of Shipping prepares Disaster Management Plan for ports of Gujarat Maritime Board
09:16 Crude oil prices decrease as demand falls
09:10 New X-Press Feeders feeder service connects Hamburg with Södertälje and Ahus in Sweden
08:58 APM Terminals commits to industry-leading reduction in greenhouse gas emissions

2022 January 13

18:42 Brittany Ferries sells Cap Finistère to Italian shipping company GNV
18:27 The Port of Barcelona tenders out the pilot project to supply electricity to ships at the BEST terminal
18:06 Chevron HDAX 9700 oil gains unique approval for MAN four-stroke engines using gas or distillate fuels
17:55 OOCL presents 2022 OCEAN Alliance products
17:48 Singapore closes 2021 with record container throughput of 37.5 million TEUs
17:48 First companies for NextGen District in Port of Antwerp sign agreement
17:15 OneOcean Group launches the industry’s first Environmental Planner as part of its Voyage Planning platform
16:47 NOVATEK reports preliminary operating data for 2021
16:45 Ocean Alliance Day 6 Product with participation of CMA CGM Group to start in April 2022
16:22 Brittany Ferries transports its first CMA CGM container from France to UK
15:41 Leading Maritime Cities report 2022: Singapore still in top spot followed by Rotterdam and London
15:34 Nuclear-powered icebreaker Sibir left Saint-Petersburg for Murmansk
15:21 DNV Conference brings together industry voices to show collaboration is shipping’s true fuel of the future
14:42 MABUX: Bunker Weekly Outlook, Week 02, 2022
14:15 ABS publishes Guide for methanol-fueled vessels
13:52 Freeport of Ventspils summarized results of 2021
13:14 Van Oord to install scour protection at Seagreen offshore wind farm
12:49 Mashpromleasing and Severnaya Verf sign yet another agreement on equipment leasing
12:10 Long Beach, Los Angeles seaports discuss zero-emissions goals progress
11:55 Tallink Grupp’s vessel Victoria I to undergo regular maintenance in BLRT ship repair yard in Klaipeda
11:23 PTP to invest over EUR 150m following record volumes in 2021