CMA CGM and PSA Singapore Terminals have announced the formation of a joint venture company CMA CGM-PSA Lion Terminal to operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore.
The joint venture will start operations from the second half of 2016 and provide long-term terminal services to CMA CGM and its shipping line affiliates.
“CMA CGM is pleased to announce this important partnership with PSA. 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,” said Rodolphe Saadé, vice chairman of CMA CGM Group.
“We are honoured 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. 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,” said Tan Chong Meng, Group CEO of PSA International.
Earlier this week, CMA CGM took majority control of Singapore’s Neptune Orient Lines.