BPA attracts SM Line to bolster cargo volume at Busan Port

Busan Port Authority stated that BPA president WOO, Busan city mayor SEO Byeong-soo, and SM Line Corporation President WOO Oh-hyeon have inked a memorandum of understanding on January 23rd in order to develop local economy and Busan Port by establishing SM Line DML Headquarters and branches in Busan, the company said in its press release.
 
BPA and Busan city have provided administrative and financial support including parcelling out the land in BNPR area to SM Line. Hence, SM Line–purchaser and operator of Hanjin Shipping’s Asia-North America shipping route- can grow as a global container liner having Busan as its home port. In addition, they plan to proceed various cooperation methods such as regaining trust from consignors, container terminal and equipment support, and organizing shipping finance.
 
As SM Line will be headquartered in Busan, cargo volume increase at Busan Port and job creation are anticipated.
 
Meanwhile, BPA plans to carry out marketing activities targeting consignors and provide various incentives. In particular, BPA will endeavor to restore the shipping network in Busan Port by collaborating with SM Line and Korean flag carriers such as Hyundai Merchant Marine.