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PSA, HMM launch JV for container terminal operations in Singapore
PORT operator PSA Corporation Ltd (PSA) and South Korea's national flagship carrier HMM have formed a joint venture (JV) in Singapore in a bid to drive "operational excellence and efficiency in container operations".
Formerly known as Hyundai Merchant Marine, HMM is an ocean carrier and a globally integrated logistics firm. Meanwhile, PSA is a subsidiary of PSA International.
Subject to regulatory approvals, the JV company, HMM-PSA Singapore Terminal (HPST), is scheduled to commence operations before the end of this year, PSA and HMM said in a joint statement on Thursday.
PSA will hold a 58 per cent stake in HPST, while HMM will own the remaining 42 per cent through their respective subsidiaries.
The partnership will offer "long-term hubbing certainty" to HMM's "fast expanding" global vessel fleet in PSA, both parties said, adding that they will also collaborate in operational technology developments and innovations.
Ong Kim Pong, PSA International's regional chief executive officer (CEO) South-east Asia, said the tie-up would address the "rapidly changing landscape of the shipping industry".
Bae Jae-hoon, president & CEO of HMM, said: "HMM looks forward to creating greater synergy for our 24,000 twenty-foot equivalent unit vessels by securing berth on arrival and providing more reliable services for our customers through the joint venture."