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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.

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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."

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