PSA wins bid for investment in Xiamen port

[SINGAPORE] Temasek-owned port operator PSA International on Thursday (Apr 30) announced that it bagged an investment in Xiamen Container Terminal Group (XCTG) through an official public bidding process.

The transaction, subject to regulatory approvals and customary closing conditions, expands PSA’s investments in Xiamen and Fuzhou in China’s Fujian province.

PSA did not disclose the investment value in the bourse filing.

XCTG’s eight container terminals have a combined annual capacity of about 20 million twenty-foot equivalent units (TEUs).

Under the deal, the port operator said it would also step up its investment in the Xiamen Port Intermodal Logistics Hub to bolster the integration of Fujian’s port, supply chain and intermodal capabilities.

PSA said that the partnership aligns with its vision “to integrate ports more closely with inland logistics, intermodal connectivity and wider supply chain capabilities”.

SEE ALSO

Will the Philippines hit the brakes on a deregulated oil industry amid fuel pain?

Singapore invites proposals on autonomous shipping, kicks off maritime startup competition

Fire breaks out on Evergreen container vessel at PSA Pasir Panjang Terminal

DECODING ASIA

Navigate Asia in
a new global order

Get the insights delivered to your inbox.

It added that Fujian is “strategically positioned” on China’s south-east coast to support expanding trade flows, especially with the global South.

Ong Kim Pong, group chief executive officer of PSA International, said: “Together with PSA’s existing venture in Fuzhou, Fujian is envisaged as a strategic global hub to better serve customers by strengthening and enhancing a total ecosystem effort.”