PSA and Swiss shipper ink joint venture to run container
terminal
SINGAPORE : PSA Corporation has entered into a joint venture with
Mediterranean Shipping Company to jointly manage and operate a
terminal for MSC in Singapore.
It is only the second time the port has allowed such outside
investment in its Singapore facilities.
The first such historic joint venture in the highly competitive
regional shipping scene was with Cosco Pacific in 2003, in a sign
of PSA's willingness to make strategic partnerships for commercial
reasons.
MSC is the world's second largest shipping company and PSA already
has a joint venture with the Swiss company in its Antwerp
operations.
A statement from the port operator said the MSC-PSA Asia Terminal
will occupy three berths at the Pasir Panjang Terminal.
They will have an annual capacity of more than two million standard
containers, or TEUs.
To date, PSA has a total of 41 berths, with the development of new
berths at Pasir Panjang Terminal well ahead of schedule.
Another 11 new berths will be added by 2011, boosting PSA's annual
handling capacity to 31 million TEUs. - CNA /ct
