COSCO Shipping Ports (CSP) has signed a memorandum-of-understanding (MoU) with terminal operator PSA for the addition of two new berths at the COSCO-PSA Terminal (CPT) in Singapore.
The expansion will equip the CPT with five mega-vessel berths and increase its capacity to five million TEU.
According to a joint statement, the new berths will strengthen CSP’s presence in Singapore and complement the services of COSCO Shipping.
Furthermore, it deepens the trading relationship between Singapore and China. In November 2018, the two countries agreed to update their free trade deal by signing 10 MoUs covering customs clearance, ecology and financial technologies.
Speaking about the expansion of CPT, Zhang Wei, Vice Chairman and Managing Director of COSCO Shipping Ports, said: “The COSCO-PSA Terminal is our major investment in S.E. Asia; with the continuous support from parent company and shipping alliance, the volume of the terminal continues to grow.
“The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high-efficiency services.
“As our major hub port for transshipment in S.E. Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region.”
Ong Kim Pong, Regional CEO Southeast Asia, PSA International, also commented: “PSA is honored by the trust that CSP has placed in us to serve as their main hub port for container transshipment in Southeast Asia.
“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.”