COSCO, PSA inaugurate dedicated terminal venture in Singapore

COSCO, PSA inaugurate dedicated terminal venture in Singapore    China Ocean Shipping Co. and PSA Corp. yesterday (Dec. 2) inaugurated their container terminal venture in Singapore,    called COSCO-PSA Terminal Pte Ltd.
   COSCO-PSA Terminal is PSA’s first joint venture with a shipping line customer in Singapore. Previously, PSA had refused to allow shipping lines to operate dedicated terminals in the port.
   The new venture “signals our commercial flexibility and receptiveness to engage in strategic partnerships, whether in Singapore or globally,” a spokesman for PSA said.
   The COSCO/PSA joint venture company will have representatives from both companies on its board and management team. COSCO holds a 49-percent interest in the venture, while PSA owns 51 percent.
   COSCO-PSA Terminal will manage and operate two berths at PSA’s Pasir Panjang Terminal. The terminal will have a total quay length of 720 meters and a total area of about 228,000 square meters.