COSCO SHIPPING Ports and PSA Singapore signed a Memorandum of Understanding (MoU) on Wednesday, November 21, for two additional berths at Cosco-PSA Terminal (CPT) in Singapore.
With the launch of the two new berths, CPT will have five mega-vessel berths, and will increase tits capacity from 3 million TEU a year to 5 million TEU.
The new berths, like the current three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements. This will enable the terminal to increase productivity and enhance its service capability and quality.
The expansion will further deepen the collaboration between CSP and PSA, enabling the two companies to seize the opportunities of globalization and strengthen the role of the Port of Singapore as a global container transhipment hub.
Mr Zhang Wei, Vice Chairman and Managing Director of COSCO SHIPPING Ports mentioned that the addition of the two new berths will enable COSCO Ports to secure more volume from the parent company and shipping alliances by providing them with high efficiency services.
As Singapore is the major hub port for transhipment in Southeast Asia, the expansion in the terminal will lead COSCO to capture more volume from the new global trade momentum in the region.
"With their continued support and confidence in PSA, we will strive to augment their strategic presence in Singapore, and we look forward to the opportunities this brings to support global trade."