Joint venture company COSCO-PSA is investing in three new container berths in Singapore to serve the next generation of mega container vessels.
The new berths, which are scheduled to begin operations in 2017, will be fully integrated with PSA’s infrastructure, and supported by the latest automated and intelligent port technologies.
They are expected to raise port productivity and enhance PSA’s ability to manage greater business complexity for the benefit of its customers, while contributing to China’s Maritime Silk Road initiative and ‘One Belt, One Road’ vision.
The new investment agreement was signed in Shanghai by Qui Jinguang, managing director at COSCO Pacific, and Ong Kim Pong, regional chief executive of Southeast Asia at PSA International.
Mr Pong said: “COSCO Pacific was PSA’s first joint venture partner in Singapore and we have shared many years of close collaboration.
“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.”
