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Cosco Pacific and PSA team up on mega terminals in Singapore
A JOINT venture between Cosco Pacific and PSA Corporation is set to invest in new container berths capable of serving the next generation, mega containerships in Singapore.
An agreement was signed on Monday by the partners of the joint venture, Cosco-PSA Terminal (CPT) in Shanghai. The signing ceremony was witnessed by China's Ministry of Transport Vice-Minister, He Jianzhong, Singapore's Senior Minister of State in the Prime Minister's Office, Ministry of Foreign Affairs and Ministry of Transport, Josephine Teo and senior executives from the two entities.
CPT will migrate to three new mega berths lined under the third and fourth development phases of PSA's Pasir Panjang Terminal.
When the new mega berths begin operations from 2017, they will be fully integrated with PSA's infrastructure and supported by the latest automated and intelligent port technologies, a press release said.
These will help to raise port productivity and enhance PSA's ability to manage greater business complexity for the benefit of its customers.
The joint venture was inaugurated in 2003 to establish a terminal that has been operating two berths under part of PSA's first development phase of the Pasir Panjang Terminal.
Mrs Teo said: "The investment in three new mega berths is strategically important to both partners and also a clear demonstration of their confidence in Singapore as an international maritime centre with a well-connected transhipment hub. In addition, I believe the project will contribute positively to China's Maritime Silk Road initiative and 'One Belt, One Road' vision."
Tan Chong Meng, PSA International's group chief executive, said that the signing of the new agreement marks a new chapter, which comes as "Cosco and China Shipping groups (are set to merge) to create the world's fourth-largest container shipping line".
"We are deeply honoured that they have chosen PSA as their main hub port for container transhipment in South-east Asia and greatly look forward to working alongside them in Singapore to serve this vibrant region and beyond," he added.
Noting Cosco Pacific as PSA's first joint venture partner in Singapore, Ong Kim Pong, PSA International's regional chief executive for South-east Asia, said: "We remain grateful for (Cosco Pacific's) continued support and confidence in PSA, through co-investing in three berths at our latest Pasir Panjang expansion, which has the capacity and scale of operations to better serve the shipping alliances and their mega vessels in this region."