SOUTH KOREA PLANS TO BE THE WORLD’S NUMBER 2 SHIPPING CONTAINER PORT AFTER SINGAPORE BY 2020–CURRENTLY HONG KONG IS NUMBER TWO BEHIND SINGAPORE

South Korea plans to transform Busan into the world's No. 2 transshipment cargo port by 2020 by building up infrastructure and streamlining operations, the government said Tuesday.
The move could enable the country's largest sea port to outstrip Hong Kong for the second place slot among the world's transshipment harbors and place it below Singapore, the Ministry of Ocean and Fisheries said.
Transshipment refers to the handling of containers and cargo at an intermediate destination before they are shipped somewhere else.
As of last year, Busan's transshipment volume hit 9.43 million twenty-foot equivalent units, with numbers to rise to 13 million TEUs by the target year. This can generate an economic impact of some 1.5 trillion won ($1.3 billion), the ministry said.
Located on South Korea's southeastern tip, Busan currently handles cargo moving to and from China, Japan, Russia, North and South America and Australia.
To reach the goal, the ministry said measures will be taken to gradually move all container operations, which make up the bulk of transshipment cargo from Busan's North Port, to its New Port in order to streamline operations.

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