COSCO-PSA Terminal Pte Ltd (CPT), a joint venture company formed by COSCO Pacific Limited (COSCO Pacific) and PSA Corporation Limited (PSA), is investing in new container berths in Singapore capable of serving the next generation of mega container vessels.
The new investment agreement was signed in Shanghai by Mr Qiu Jinguang, Managing Director, COSCO Pacific and Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International.
Mr Tan Chong Meng, Group CEO, PSA International, said,
“Today’s signing marks a new chapter in our partnership with COSCO Pacific, which is timely given the merger of the COSCO and China Shipping groups to create the world’s fourth largest container shipping line. We are deeply honoured that they have chosen PSA as their main hub port for container transhipment in Southeast Asia and greatly look forward to working alongside them in Singapore to serve this vibrant region and beyond; and to facilitate the potential growth in trade and economic activities promised by the ‘One Belt, One Road’ initiative.” Mr Ong Kim Pong, Regional CEO Southeast Asia, PSA International, said,
“COSCO Pacific was PSA’s first joint venture partner in Singapore and we have shared many years of close collaboration between us. We remain grateful for their continued support and confidence in PSA, through co-investing in three berths at our latest Pasir Panjang expansion, which has the capacity and scale of operations to better serve the shipping alliances and their mega vessels in this region. We will strive to help them grow their strategic presence in Singapore for the long term.”
Source & Image Credit: PSA International
