South Korean shipping company Hyundai Merchant Marine (HMM) along with Terminal operator PSA Corporation shake their hands and entered an agreement in order to develop a joint venture in Singapore.
In fact, HMM-PSA Singapore Terminal Pte Ltd (HPST) is scheduled to commence operations before the end of this year.
Namely, PSA will hold a 58% stake in HPST, while HMM will own the remaining 42%, both through their respective subsidiaries.
What is more, this strategic partnership will offer long-term hubbing certainty to HMM’s fast expanding global vessel fleet in PSA Singapore.
We believe this joint venture terminal in Singapore plays a significant role as a springboard for both parties to move forward to a new phase. In addition, HMM looks forward to creating greater synergy for our 24,000 TEU vessels by securing berth on arrival and providing more reliable services for our customers through the joint venture.
…as Mr Jae-hoon Bae, President & CEO of HMM, noted.
Furthermore, both sides will also collaborate in operational technology developments and innovations. The enhanced partnership and staying ahead of the technology curve will ensure that PSA and HMM continue to deliver
service excellence and exceed customers’ expectations.
In light of the above, Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International, said:
We are honoured to join forces with HMM, one of the world’s top ocean carriers and a globally integrated logistics company, to maximise operational synergies and address the rapidly changing landscape of the shipping industry. PSA and HMM have had a steadfast and longstanding working relationship and we are excited to take this partnership to the next level.