Two new container berths capable of serving large container ships will be operated by COSCO-PSA Terminal in Singapore in 2017.
COSCO-PSA Terminal (CPT), a joint venture company formed by COSCO Pacific Limited and PSA Corporation, is investing in the new berths, and will move from its current two-berth terminal to three new mega berths as part of a Pasir Panjang Terminal expansion project.
A few of the planned 15 berths in Phases 3 and 4 of the Pasir Panjang Terminal are already operational. The rest of the S$3.5 billion ($2.6 billion) project is scheduled to be completed by the end of 2017, pushing Singapore's annual container handling capacity to 50 million TEUs.
All the new berths at Pasir Panjang Terminal are designed to be able to handle container ships with capacities larger than 10,000 TEUs.
PSA Singapore currently operates 57 berths at its container terminals in Tanjong Pagar, Keppel, Brani and Pasir Panjang. The terminals at Pasir Panjang are PSA's most advanced. The berths at Pasir Panjang Phases 3 and 4 are up to 18 meters deep and equipped with quay cranes able to reach across 24 rows of containers to serve the world's largest container ships. They also feature the latest port innovations such as a zero-emission, fully-automated electric yard crane system.
CPT was inaugurated in 2003 to establish a joint venture terminal at PSA’s Pasir Panjang Terminal Phase 1.
This latest investment agreement was signed in Shanghai by Qiu Jinguang, Managing Director, COSCO Pacific and Ong Kim Pong, Regional CEO Southeast Asia, PSA International.
Josephine Teo, Senior Minister of State, said, “I am pleased to see the deepening partnership between COSCO Pacific and PSA. 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 center 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.”
Tan Chong Meng, Group CEO, PSA International, said, “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. We are deeply honored that they have chosen PSA as their main hub port for container transhipment in Southeast Asia and greatly look forward to working alongside them in Singapore to serve this vibrant region and beyond.”
Singapore is the world's second busiest container port after Shanghai in China, which took over Singapore in 2010.