Cosco Pacific, PSA Team Up to Expand Terminals in Singapore
By Aiswarya Lakshmi
Tuesday, March 29, 2016
COSCO-PSA Terminal Pte Ltd (CPT), a joint venture company formed by Cosco Pacific Limited (Cosco Pacific) and PSA Corporation Limited (PSA), is investing in new container berths in Singapore capable of serving the next generation of mega container vessels.
The new investment agreement was signed in Shanghai by Qiu Jinguang, Managing Director, Cosco Pacific and Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International.
When the new berths begin operations from 2017, they will be fully integrated with PSA’s infrastructure and supported by the latest automated and intelligent port technologies. These will help to raise port productivity and enhance PSA’s ability to manage greater business complexity for the benefit of its customers.
CPT was inaugurated in 2003 to establish a joint venture terminal at PSA’s Pasir Panjang Terminal (PPT) Phase 1. CPT will move from its current two-berth terminal to three new mega berths at PPT’s Phases 3 and 4.
Cosco Pacific, one of Asia's largest container terminal operators, is a unit of China Cosco Shipping, the world's fourth-largest container shipping line.
In 2003, Cosco Pacific and PSA signed an agreement to establish a two-berth terminal at PSA's Pasir Panjang Terminal.