Container shipping company Ocean Network Express (ONE) and port operator PSA Singapore have inaugurated the Magenta Singapore Terminal.
The joint venture undertaking will operate four container berths at Pasir Panjang Terminal as part of a plan announced in December 2018.
The four berths would have a combined annual handling capacity of 4 million TEU.
The first boxship to berth at terminal ahead of the ceremony was the 14,026 TEU ONE Stork, which was delivered to the Japanese container shipping major in June 2018.
“Through this joint venture in Singapore, ONE will be enabled to further enhance its terminal and vessel planning operations in an even closer co-operation with PSA. This will improve our service reliability and benefit our customers through better service levels,” Jeremy Nixon, Chief Executive Officer, ONE, said in December.
ONE follows MSC, CMA CGM, Pacific International Lines (PIL) and COSCO in establishing joint venture terminals in Singapore. MSC and PSA International officially opened their joint venture terminal in March 2006, while PIL and PSA have been jointly managing and operating a dedicated container terminal since 2008.