ONCE the fifth-largest port in the world, Busan Port handled over three-quarters of South Korea's import and export goods, reports Seoul's Chosun Ilbo Daily.

However, the port is now facing a crisis due to the new shipping alliance, Gemini, formed by Maersk and Hapag-Lloyd.

Set to launch in February of next year, Gemini has decided to omit Busan Port and Taiwan's Kaohsiung Port as major hub ports on the Asia-Europe route.

This decision is expected to negatively impact South Korean import and export businesses, which are concerned about rising logistics costs.

Busan Port, which has already fallen to seventh place due to decreased container traffic, could face further challenges.

The South Korean shipping industry, weakened by Hanjin Shipping's bankruptcy in 2017, fears a repeat scenario with increased logistical costs and reduced export competitiveness.