PSA Corporation and Hyundai Merchant Marine (HMM) have joined forces to launch a joint venture in Singapore, aiming to boost efficiency in container operations.
The joint venture company, HMM-PSA Singapore Terminal (HPST) is scheduled to commence operations before the end of 2020, subject to regulatory approvals.
PSA will hold a 58% stake in HPST, while HMM will own the remaining 42%, both through their respective subsidiaries.
Ong Kim Pong, regional CEO Southeast Asia at PSA International, said that the partnership would “maximise operational synergies and address the rapidly changing landscape of the shipping industry”.
Jae-hoon Bae, president and CEO of HMM, stated: “We believe this joint venture terminal in Singapore plays a significant role as a springboard for both parties to move forward to a new phase.
“In addition, HMM looks forward to creating greater synergy for our 24,000 teu vessels by securing berth on arrival and providing more reliable services for our customers through the joint venture.”
Besides volume and terminal capacity assurance, the partners will also collaborate in operational technology developments and innovations.