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DP World increases stake in Busan’s largest terminal

DP World increases stake in Busan’s largest terminal
PNC has a 5.25 teu annual capacity

Dubai-headquartered port operator DP World has increased its share in the South Korean Port of Busan’s Pusan Newport Company Limited (PNC) to 66.03%.

The transaction, the terms of which were not disclosed, included the acquisition of a 23.94% stake in the facility from the South Korean Samsung Corporation & Subsidiaries.

PNC, which is the largest terminal at the Port of Busan, has a capacity of 5.25m teu per year, handling approximately 34% of the port’s volumes.

The port, which began operations in 2006, accounts for about 75% of total container volumes in South Korea.

The Port of Busan, which has a total of 23 container berths, is currently the world’s sixth largest port, with a total container throughput of 19.5m teu last year.