Singapore Expanding Trade Relations
A recent Memorandum of Understanding signed between COSCO Shipping Ports and terminal operator PSA will increase strategy efforts, ultimately supporting the development of two new berths and substantiating trade relations between Singapore and China, according to a joint release this week.
TEUs are estimated to increase by 2 million for a grand total of 5 million once the additional berths are successfully implemented. Automated yard technology will provide efficiencies in operations, as currently seen with the three existing berths at the Pasir Panjang Terminals.
“The COSCO-PSA Terminal is our major investment in S.E. Asia; with the continuous support from parent company and shipping alliance, volume of the terminal continues to grow. 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,” commented Vice Chairman and Managing Director of COSCO Shipping Ports Zhang Wei.
Beyond the substantial expansion of TEUs predicted through the agreement, overall support for the Port of Singapore and the global role it plays within the container and shipment hub sectors will be evaluated and increased opportunities for globalization provided.
“PSA is honoured by the trust that CSP has placed in us to serve as their main hub port for container transhipment in Southeast Asia. With their continued support and confidence in PSA, we will strive to augment their strategic presence in Singapore, and we look forward to the opportunities this brings to support global trade,” PSA International Regional CEO Southeast Asia Ong Kim Pong said.
Source: COSCO SHIPPING PORTS Limited