Hanjin Shipping Company said it will expand its container terminal facilities with the addition of three new terminals by 2012, Dow Jones reported.
Earlier in the week, Hanjin opened the Busan Newport Terminal in which it has invested US$340 million over the past eight years.
"We will make this new port a new growth engine despite declining cargo volumes and economic uncertainties," Hanjin Shipping vice-chairwoman Choi Eun-young said.
Hanjin is targeting to handle two million TEUs a year of container cargoes by 2012 in the Busan terminal where three 12,000 TEU vessels can anchor at one time.
In addition to its 13 container terminals around the world, Hanjin plans to build three new terminals by 2012 – one in Spain in 2010, one in Vietnam in 2011 and one in the US in 2012.
The company didn't say how much investment it will make in the new facilities.
Hanjin Shipping aims to be the world's fifth-largest container-carrying company by 2017. It is also boosting its non-container business so that it can contribute up to 40 percent of total sales by 2017, up from the current 20 percent.
Hanjin is the world's 10th-largest container company by fleet size.
Cargo News Asia
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