Alphaliner: CMA CGM, PSA Singapore to Join Forces

Image Courtesy: PSA International

French container shipping major CMA CGM and PSA Singapore Terminals are planning to establish a joint venture company to lease and operate four container berths in the port of Singapore, according to Alphaliner.

The joint venture would be owned in proportions of 49% and 51%, respectively.

With an estimated annual handling capacity of over 3 Mteu, the joint venture’s facilities will be used as a container terminal for CMA CGM and its liner shipping affiliates.

The move comes after the launch of an all-cash voluntary conditional general offer by CMA CGM for all outstanding shares of Neptune Orient Lines (NOL), parent company of the ocean carrier APL on 6 June.

The company subsequently satisfied the acceptance condition in the offer, and has now taken the controlling stake of 78.07 percent of all NOL shares from the company’s majority shareholders, led by Singapore’s investment fund Temasek.

The move to set up the terminal joint venture with CMA CGM is part of the Singapore Government’s plan to wrest back some of the transhipment volumes that have been lost to the competing Malaysian ports of Port Kelang and Tanjung Pelepas, Alphaliner said.

PSA’s share of the South East Asia (or ‘Straits’) container transhipment volume has fallen from 89% in the year 2000 to only 62% in 2015, while Singapore’s overall container throughput has fallen by -7.8% in the first four months of this year, following a -8.7% loss last year, whereas its key competitors gained ground.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >