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CMA CGM SA (CMA CGM) and PSA Singapore Terminals Pte Ltd (PSA) will form a joint venture company, CMA CGM-PSA Lion Terminal Pte Ltd (CPLT), to operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore.
CPLT will start operations from the second half of 2016, and allow CMA CGM and its shipping line affiliates to leverage industry-leading port infrastructure and technologies at this latest Pasir Panjang expansion, which has the capacity and scale of operations to better serve mega vessels in the region.
CPLT will provide long-term terminal services to CMA CGM and its shipping line affiliates, hence securing best-in-class services for its fleet.
Rodolphe Saadé, vice chairman of CMA CGM Group, said: "CMA CGM is pleased to announce this important partnership with PSA. It is a significant step, demonstrating the ongoing importance of Singapore to our strategy, and delivering on our commitment to making Singapore the Asian hub for the group."
Tan Chong Meng, group CEO of PSA International, added: "We are honoured to embark on this win-win partnership. CMA CGM-PSA Lion Terminal will cater to the volume growth of the CMA CGM Group in Asia. PSA looks forward to working alongside CMA CGM to ensure that its hub operations flourish, and enhance Singapore's premier status as the world's busiest transhipment hub."
CMA CGM is in the midst of buying out Singapore-listed Neptune Orient Lines under a S$3.4 billion acquisition deal. The French shipping line has, as of last Friday, amassed a controlling stake of over 78 per cent in NOL. NOL is expected to be delisted later this year.