Joint-venture company Cosco-PSA Terminal Pte Ltd (CPT) announced it is investing in new container berths in Singapore designed to accommodate the next generation of mega container vessels.
CPT, a joint venture established in 2003 by Cosco Pacific Limited and PSA Corporation Limited, said it will move from its current two-berth terminal at Pasir Panjang Terminal Phase 1 to a new three-mega-berth site at Phases 3 and 4.
This is to stay ahead of evolving industry needs, particularly the arrival of ultra large box ships, said PSA in a statement.
The latest investment deal was signed March 29 in Shanghai by Qiu Jinguang, managing director of Cosco Pacific, and Ong Kim Pong, regional CEO for Southeast Asia of PSA International.
The new berths are scheduled to begin operations in 2017, and will be fully integrated with PSA’s best-in-class infrastructure and supported by the latest automated and intelligent port technologies.
“These will help to raise port productivity and enhance PSA’s ability to manage greater business complexity for the benefit of its customers,” said the port operator.
Singapore’s Senior Minister of State Josephine Teo said the investment in the three new mega berths is “strategically important to both partners and also a clear demonstration of their confidence in Singapore as an international maritime center with a well-connected transhipment hub.”
In addition, she said, the project will contribute positively to China’s Maritime Silk Road initiative and “One Belt, One Road” vision.
The One Belt, One Road initiative aims to spur development through building roads, railroads, and other forms of connectivity along a continental route and a maritime route linking 65 nations in three continents.
Singapore sits on the sea route dubbed the “21st Century Maritime Silk Road” linking China with Southeast Asia, South Asia, the Middle East, and beyond.
Tan Chong Meng, group CEO of PSA International, said, “Today’s signing marks a new chapter in our partnership with Cosco Pacific, which is timely given the merger of the Cosco and China Shipping groups to create the world’s fourth largest container shipping line.”
Ong said, “Cosco Pacific was PSA’s first joint venture partner in Singapore and we have shared many years of close collaboration between us. We remain grateful for their 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.”
Photo: Rifleman 82
