Singapore port operator PSA Corporation has announced that Cosco-PSA Terminal, a joint venture formed by the company and Cosco Pacific, is going to invest in new container berths in Singapore in order to serve the next generation of mega container vessels.
Cosco-PSA Terminal will move from it current two-berth terminal at PSA’s Pasir Panjang Terminal Phase 1 to three new mega berths at the terminal’s Phase 3 and Phase 4. The new berths are expected to start operations from 2017.
“Today’s signing marks a new chapter in our partnership with Cosco Pacific, which is timely given the merger of the Cosco and China Shipping groups to create the world’s fourth largest container shipping line. We are deeply honored that they have chosen PSA as their main hub port for container transshipment in Southeast Asia and greatly look forward to working alongside them in Singapore to serve this vibrant region and beyond; and to facilitate the potential growth in trade and economic activities promised by the ‘One Belt, One Road’ initiative,” said Tan Chong Meng, group ceo of PSA International.