CMA CGM, PSA form container terminal joint venture in Singapore

The French ocean carrier has teamed up with PSA Singapore Terminals to operate four “mega” container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore, according to a joint statement from the companies.    CMA CGM S.A. and PSA Singapore Terminals Pte. Ltd. have agreed to form a joint venture company to operate four “mega” container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore, according to a joint statement from the companies.
   The term mega container berth refers to terminal facilities capable of handling the largest containerships currently in use, also known as mega-vessels or ultra-large containerships.
   The joint venture, called CMA CGM-PSA Lion Terminal Pte. Ltd. (CPLT), will begin operations in the third quarter of 2016, leveraging port infrastructure and technologies built into the latest expansion at Pasir Panjang.
   CMA CGM said in December it would likely move a portion of its business to PSA’s terminals in Singapore from other regional hubs following completion of its $2.4 billion acquisition of Neptune Orient Lines, parent of ocean carrier APL.
   “CMA CGM is pleased to announce this important partnership with PSA,” CMA CGM Group Vice Chairman Rodolphe Saadé. “It is a significant step, demonstrating the ongoing importance of Singapore to our strategy, and delivering on our commitment to making Singapore the Asian hub for the Group.”
   “We are honored to embark on this win-win partnership. CMA CGM-PSA Lion Terminal will cater to the volume growth of the CMA CGM Group in Asia,” added Tan Chong Meng, CEO of PSA International. “PSA looks forward to working alongside CMA CGM to ensure that its hub operations flourish, and enhance Singapore’s premier status as the world’s busiest transhipment hub.”