In a bid to win back the business lost to other Malaysian hubs such as Port Klang and Tanjung Pelepas, CMA CGM and PSA-Singapore are to form a joint-venture to lease and operate four container terminals in Singapore, according to JOC.com.
Alphaliner said: “The new CMA CGM-PSA joint-venture could prove to be a major coup for Singapore, as bringing CMA CGM and its new alliance partners back to PSA’s fold could finally reverse a long-term structural decline.”
It was recently reported that CMA CGM’s acquisition of Neptune Orient Lines (NOL) had taken a new turn after the carrier had made a cash offer for all outstanding shares in NOL.
PSA’s most recent venture involves the decision to weigh containers at all of its terminals in a bid to assist in the smooth transition into the new rule, which is due to come into effect on July 1, 2016.
PSA International had also been reported recently by PTI as being one of the four port operators to pre-qualify for the design, development, financing, and construction of the Corozal Container Terminal at Corozal Port in Panama.
The terminal operator recently opted into a joint-venture with Cosco in order to invest in new container berths in Singapore, which aim to serve the next generation of mega-ships.