Under the terms of the agreement, PTP will hold a 70% majority stake in the joint venture with MISC holding 30%. MISC will now be the third major shipping line to use PTP as ahub in the region following Maersk and Evergreen’s move to PTP in 2000 and 2002 respectively.
MISC said that the agreement with PTP would benefit the shipping company greatly. “Besides being within Iskandar Malaysia which promises a growing hinterland cargo, PTP is also strategically located at the confluence of the world’s shipping lanes; and this is a crucial factor for our transhipment operations.”
CEO of PTP, Harun Johari said that the deal would contribute towards PTP’s rapid growth and enhance the port’s connectivity by at least 20%. According to Harun, the agreement with MISC also shows that PTP is flexible and proactive in meeting the needs and aspirations of its customers.