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Cosco Pacific and PSA jv to invest in mega-ship berths in Singapore

Cosco Pacific and PSA jv to invest in mega-ship berths in Singapore
Cosco Pacific’s joint venture with PSA International in Singapore is to expand with a new three berth terminal capable of handling mega-containerships.

The joint venture Cosco-PSA Terminals, set-up in 2003, will move from its current two-berth facility in Pasir Panjang Terminal (PPT) phase 1 to three berths capable of handling mega-ships in PPT phases 3 and 4. The new berths will begin operation in 2017.

The investment agreement was signed in Shanghai by Qiu Jinguang, md of Cosco Pacific and Ong Kim Pong, regional ceo Southeast Asia for PSA International.

Josephine Teo, Singapore’s Senior Minister of State, Prime Minister’s Office, Ministry of Foreign Affairs and Ministry of Transport, who witnessed the signing commented: “The investment in three new mega berths is strategically important to both partners and also a clear demonstration of their confidence in Singapore as an international maritime centre with a well-connected transhipment hub.

“In addition, I believe the project will contribute positively to China's Maritime Silk Road initiative and ‘One Belt, One Road’ vision.”

Meanwhile PSA International ceo Tan Chong Meng noted the merger of China Shipping and Cosco. “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,” he said.