HMM to form joint venture with Singapore’s PSA International

South Korean shipping major HMM revealed plans to form a joint venture company with Singapore’s port operator PSA International.

The JV will be launched this year, however, the exact date has not been fixed yet, a spokesperson for HMM told Offshore Energy – Green Marine.

With this move, HMM will secure its container terminal in Singapore, the busiest transshipment port.

Specifically, PSA will control a 58 per cent stake in the joint venture, with the remaining part to be owned by HMM and the Korea Ocean Business Corp. (KOBC), a state-run company established to support South Korean shipping companies, Yonhap News Agency cited the country’s Ministry of Oceans and Fisheries (MOF) as saying.

HMM and PSA are yet to unveil more details on the planned cooperation.

Last week, HMM said it signed a sales and purchase deal with CMA CGM for the sale of its 50 per cent stake minus one share in Total Terminals International Algeciras (TTI Algeciras), a container terminal in the south of Spain. As explained, HMM hopes to achieve greater synergy effects based on strategic cooperation with CMA CGM.