Terminal operator PSA Corporation and South Korean flagship HMM have joined forces to form a joint venture in Singapore, the latest carrier to take this port route in the Lion Republic.
Subject to regulatory approvals, the joint venture company, HMM-PSA Singapore Terminal (HPST), is scheduled to commence operations before the end of this year. PSA will hold a 58% stake in HPST, while HMM will own the remaining 42%.
PSA has similar terminal JVs at its home in Singapore with a host of other liners such as MSC and Cosco.
Jae-hoon Bae, president and CEO of HMM, said his company looked forward to creating greater synergy for its raft of new 24,000 teu vessels by securing berth on arrival and providing more reliable services for HMM’s customers through the joint venture.