Maersk/P&O Nedlloyd merger to boost PTP throughput

Issued in July, the bonds are in S$250,000 (US$151,000) denominations. Three-year bonds will bear interest at the six-month Singapore dollar swap offer rate less 0.06% per annum, and 10-year bonds will earn 2.83% interest per annum, both payable semi-annually.

This will be P&O Nedlloyd traffic currently handled in Singapore worth an estimated US$53mannually that would be more logically transferred to Maersk’s regional hub in Malaysia. The arrival of these boxes would also result in additional feeder calls being made at PTP to ensure better regional connectivity.

The port does have sufficient capacity to handle the additional traffic. In mid2004, two new berths were inaugurated and a further two are due to enter service late next year. In all, eight new berths (7 to 14) are being built as part of PTP’s US$530m second phase expansion programme. PTP handled just 4m TEUs last year, despite current capacity of more than 6m TEUs.