COSCO Pacific, PSA to Invest in Mega Berths in Singapore

Pasir Panjang Terminal; Image Courtesy: Koon Holdings Ltd

Hong Kong-based COSCO Pacific and PSA Singapore have signed a new investment agreement in Shanghai, China today to co-invest in three new mega berths at the Phases 3 and 4 expansion of the Pasir Panjang Terminal which was opened last year.

The investment will be implemented through a joint venture Cosco-PSA Terminal (CPT) and allow for the arrival of mega container ships at the new container berths in anticipation of trade growth and growth in size of boxships plying the international waters.

The new mega berths are slated to begin operations from 2017. According to PSA, they will be fully integrated with PSA’s infrastructure and supported by the automated and intelligent port technologies.

The co-investment agreement is strategically important to both partners and will help them up their competitive game. It is also a clear demonstration of China COSCO Shipping’s confidence in Singapore as a well-connected transhipment hub. I believe the project will also contribute positively to China’s Maritime Silk Road initiative and “One Belt, One Road” vision,” said Singapore’s Senior Minister of State for Finance and Transport, Josephine Teo.

COSCO Pacific is a subsidiary of China COSCO Shipping, which was formed following the merger of China‬’s two largest shipping companies, COSCO Group and China Shipping Group. The merger created the 4th largest container shipping line in the world.

Cosco Pacific and PSA formed Cosco-PSA Terminal Pte Ltd (CPT) in 2003 to manage and operate two berths at Pasir Panjang Terminal.

Share this article

Follow World Maritime News

In Depth>

Events>

<< May 2017 >>
MTWTFSS
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

CWC World LNG & Gas Series: Americas Summit

Now in its 15th year, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG event in the Americas region.

Bringing together the key players in the LNG & gas value chain in both the Americas region and globally, this is the perfect place to make new contacts, do deals and get essential updates on the market.

This year we return to Houston, TX once again on 20-23 June 2017 – the heart of the energy industry, making it easier than ever to access they key players in your business.

More info

read more >

Nor-Shipping 2017

Nor-Shipping is the leading maritime event week. Their top-quality exhibition, high-level conferences and prime networking opportunities…

read more >

2ND ANNUAL PORTS AND TERMINALS INSURANCE SEMINAR

DETAILED GUIDANCE ON HOW THE INSURANCE MARKET IS CHANGING, HOW RISKS ARE ASSESSED AND WHAT…

read more >

2ND ANNUAL ADVANCED CHARTERING MASTERCLASS

The Advanced Chartering Masterclass will focus on the particularly difficult issues in charterparty agreements and our experts will help you find solutions…

read more >