Port of Tanjung Pelepas, MISC complete deal
The Port of Tanjung Pelepas and Malaysian ocean carrier MISC Berhad on Friday signed an agreement to set up a joint venture company to serve MISC and other shipping lines out of the southern Malaysia port.
The agreement will see PTP, Malaysia’s biggest port, hold a 70 percent majority stake in the joint venture, with MISC holding 30 percent. It will also see MISC become the third major shipping line to use PTP as their hub in the region, following the moves of Maersk and Evergreen to PTP in 2000 and 2002, respectively.
“Cargo owners from the southern parts of Malaysia will benefit from the direct calls offered by MISC to various destination ports globally,” MISC said in a statement.
PTP Chief Executive Harun Johari said the deal would expand the port’s connectivity by at least 20 percent. No details about expected cargo volume from MISC were released.
Last year, PTP handled 5.5 million TEUs, a 14 percent rise over 2006. The port said it has capacity for 8 million TEUs and has room to build even further. PTP competes regionally with the Port of Singapore for transshipment cargo through Southeast Asia.