COSCO Shipping Ports Limited (“COSCO SHIPPING Ports” or “CSP”) and PSA Corporation Limited (“PSA”) signed a memorandum of understanding today for the addition of two new berths at the COSCOPSA Terminal (“COSCO PSA Terminal” or “CPT”) in Singapore.
With the launch of the two new berths, CPT will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEUs of the current three berths to about 5 million TEUs.
The new berths will strengthen CSP’s presence in Singapore and support the needs of COSCO SHIPPING group with the advent of mega-vessels and megaalliances in the shipping industry. Established in 2003, the joint venture terminal by COSCO SHIPPING Ports and PSA has served as a major hub for container shipping in the region.
The new berths, like the current three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements, and enabling the terminal to increase productivity and greatly enhance its service capability and quality.
The cooperation will further deepen the collaboration between CSP and PSA, enabling the two companies to seize the opportunities of globalization and strengthen the role of the Port of Singapore as a global container transhipment hub, reinforcing global shipping links.
Mr Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports, said, “The COSCO-PSA Terminal is our major investment in S.E. Asia; with the continuous support from parent company and shipping alliance, the volume of the terminal continues to grow. The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high-efficiency services. As our major hub port for transhipment in S.E. Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region.”
Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International, said, “PSA is honoured by the trust that CSP has placed in us to serve as their main hub port for container transhipment in Southeast Asia. With their continued support and confidence in PSA, we will strive to augment their strategic presence in Singapore, and we look forward to the opportunities this brings to support global trade.”