COSCO SHIPPING Ports and PSA Corporation have signed a memorandum of understanding for the addition of two new berths at their joint venture terminal in Singapore.
With the launch of the two new berths, COSCO PSA Terminal (CPT) will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEUs of the current three berths to about 5 million TEUs.
The new berths, like the current three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements, and enabling the terminal to increase productivity and greatly enhance its service capability and quality.
The new berths will strengthen CSP’s presence in Singapore and support the needs of COSCO SHIPPING group with the advent of mega-vessels and megaalliances in the shipping industry, the company said.
“The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high efficiency services. As our major hub port for transhipment in S.E. Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region,” Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports, said.