Global Lines Joins Busan New Port The world's third shipping line in terms of carrying capacity, CMA-CGM joins operation and development of Busan New Port. Recently, CMA-CGM made its final negotiation with Hyundai Industry Development Consortium which was selected as the developer and operator of four berths of Phase 2-3 at Busan New Port and reached an agreement to invest 10% of its shares at Phase 2-3 in Busan New Port. Officials from the Ministry of Maritime Affairs and Fisheries (MOMAF) said that the agreement between CMA-CGM and Busan Hyundai Industry Development Consortium waits for an approval from the Korean government. The agreement was followed by the government's decision that in order to create cargo at Busan New Port, attracting foreign lines at brand-new port is required and CMA-CGM's intention to have its dedicated terminal at Busan New Port. Busan Port Authority (BPA) is also reported to invest 9% of its shares at the Phase 2-3 to guarantee stable operation of the terminal. In this regard, Hyundai Industry Development, Bouygues from France will participate at construction, CMA-CGM, BPA, Zim-Line from Israel, Korea Express, KCTC at terminal operation and MKIF, world's infra-fund company from Australia and other companies at financial investment. Sources from shipping industry said that the participation of CMA-CGM, Zim- Line and other global lines at Busan New Port would make great contributions to attracting cargo.