Singapore JV to improve container efficiency

Established by PSA Corporation Ltd (PSA) and HMM Co., Ltd (HMM), HMM-PSA Singapore Terminal Pte Ltd (HPST), is scheduled to commence operations before the end of this year. PSA will hold a 58% stake in HPST, while HMM will own the remaining 42%, both through their respective subsidiaries.

Ong Kim Pong, regional CEO Southeast Asia at PSA International, said, “We are honoured to join forces with HMM, one of the world’s top ocean carriers and a globally integrated logistics company, to maximise operational synergies and address the rapidly changing landscape of the shipping industry.

“PSA and HMM have had a steadfast and long-standing working relationship and we are excited to take this partnership to the next level, achieving a strategic win-win for both parties. We look forward to working alongside HMM to unlock the potential of our combined strengths and capabilities.”

The partnership will offer long-term hubbing certainty to HMM’s fast expanding global vessel fleet in PSA Singapore.

By providing volume and terminal capacity assurance, and staying ahead of the technology curve, PSA and HMM aim to deliver service excellence and exceed customers’ expectations.

PSA Singapore operates the world’s largest container transhipment hub in Singapore, handling 36.9 million TEUs of containers in 2019.