HANJIN EXTENDS TERMINAL CONTRACT IN SINGAPORE

HANJIN EXTENDS TERMINAL CONTRACT IN SINGAPORE    Hanjin Shipping has signed a new terminal agreement with PSA Corp., the operator of the port of Singapore.
   Under the long-term agreement, PSA will offer priority and preferential treatment to Hanjin’s vessels, such as berth-on-arrival, guaranteed productivity and service levels.
   PSA would not disclose how long the new agreement is for, nor whether its contractual terms are more favorable to Hanjin than the previous agreement.
   PSA, which has seen Maersk Sealand and Evergreen switch from the port of Singapore to the neighboring Port of Tanjung Pelepas, recently announced a package of price discounts in its port tariff.
   “Recent developments such as the celebratory package signal a more competitive and market-driven PSA,” the Singapore-based port group said.