Memorandum of understanding signed Wednesday for two additional berths at CPT in Singapore.
COSCO SHIPPING Ports (CSP) and PSA Corporation Ltd. signed a memorandum of understanding Wednesday for the addition of two berths at the COSCO-PSA Terminal (CPT) in Singapore.
With the launch of the two new berths, CPT will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEUs to about 5 million TEUs. CSP said the new berths will strengthen its presence in Singapore and support the needs of COSCO SHIPPING Group and the advent of mega-vessels and mega-alliances in the shipping industry.
Established in 2003, the joint venture terminal by COSCO SHIPPING Ports and PSA has served as a major hub for container shipping in the region. The new berths, like the current three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements and enabling the terminal to increase productivity and enhance its service capability.
The cooperation will further deepen the collaboration between CSP and PSA, enabling the two companies to seize the opportunities of globalization and strengthen the role of the Port of Singapore as a global container transhipment hub, reinforcing global shipping links.
“The COSCO-PSA Terminal is our major investment in Southeast Asia. With the continuous support from the parent company and shipping alliance, volume of the terminal continues to grow. The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high-efficiency services,” said Zhang Wei, CSP vice chairman and managing director.
“As our major hub port for transhipment in Southeast Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region.”
COSCO SHIPPING Ports, PSA deepen collaboration
