Busan New Port Phase 2-3

 

One of the national priority projects designed to meet future demand driven by Busan's position as a regional shipping and logistics hub

Asset overview

Busan New Port Phase 2-3 is one of the five container terminals in operation at Busan New Port. Construction began in November 2007 and completed in November 2011 as originally scheduled. The terminal opened for commercial operations in January 2012 with annual handling capacity of 1.8 million Twenty-foot-Equivalent Units (TEU). BNP2-3 completed its capacity expansion to 2.5 million TEU in May 2015 and is capable of accommodating further expansion to over 3.15 million TEU.

Investment details

MKIF has invested in BNCT Co., Ltd (“BNCT”), the concessionaire of Busan New Port Phase 2-3, in the form of equity and subordinated loan. As of the record date, MKIF has 30.0% of equity interest in BNCT, and MKIF’s total investment amount is KRW 309.4 billion, which is comprised of equity of KRW 66.4 billion and subordinated loan of KRW 243.0 billion.

Concession agreement

Concession agreement
Government authority: Ministry of Oceans and Fisheries
Concession term: 29 years and 3 months
Concession term commencement: December 2011

Facilities

Facilities
Site area: 840,000m2
Berthing facilities: Four 50,000 ton berths
Capacity: Handling capacity currently at 2.5 million TEU per year with room for expansion to 3.15 million TEU