Friday , 9 December 2016
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COSCO-PSA to invest in new Singapore berths

COSCO-PSA Terminal (CPT), a joint venture company between COSCO Pacific and PSA, is investing in new container berths in Singapore capable of serving the next generation of mega container vessels.

CPT was inaugurated in 2003 to establish a joint venture terminal at PSA’s Pasir Panjang Terminal (PPT) Phase 1.

Hoping to stay ahead of evolving industry needs, CPT will move from its current two-berth terminal to three new mega berths at PPT’s Phases 3 and 4.

A PSA statement noted that when the new berths begin operations from 2017, they will be “fully integrated with PSA’s infrastructure and supported by the latest automated and intelligent port technologies.”

The intention behind these is to raise port productivity and enhance PSA’s ability to manage greater business complexity.

Josephine Teo, Singapore’s senior minister of state at the Prime Minister’s Office, the ministry of foreign affairs and ministry of transport, 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,” she added.

Tan Chong Meng, group CEO, PSA International, stated that the plans from COSCO and PSA were “timely given the merger of the COSCO and China Shipping groups to create the world’s fourth largest container shipping line.”

He expressed gratitude that “that they have chosen PSA as their main hub port for container transhipment in Southeast Asia”, with an eye to facilitating “the potential growth in trade and economic activities promised by the ‘One Belt, One Road’ initiative”.