COSCO and PSA to Launch Third Singapore Berth
COSCO Shipping Ports and a subsidiary of port operator PSA International, PSA Corporation have inked an MoU to mark the upcoming launch of a third berth at the COSCO-PSA Terminal (CPT) at Pasir Panjang Terminal in Singapore.
Berth expansion and replacement agreements have allowed the terminal to grow to account for Singapore’s regional importance, alliances and megaships.
Previously, the companies signed an agreement regarding the three berths.
COSCO Shipping Ports signed a supplemental agreement with PSA on March 18, 2016 in respect to the three berths.
Under the agreement, they consented to replace the original two berths in CPT located at Pasir Panjang Terminal 1 with three new and larger berths at Pasir Panjang Terminal 5.
Two of the berths commenced operations on January 1, 2017, with an annual handling capacity of 2,000,000 TEU.
OCEAN Alliance, of which COSCO Shipping Corporation is a major member, commenced operations on April 1, 2017.
With the strategic reshuffle of shipping routes by OCEAN Alliance, throughput will continue to grow at Singapore’s Port.
With a view to meet the new requirements from shipping alliances and mega-vessels, as well as maximize the utilization rate of the berths, COSCO Shipping Ports has decided to commence operations at the third berth on January 1, 2018.
With the launch of the berth, handling capacity of CPT to 3,000,000 TEU annually.
The new berth, like the first two berths, will be supported by an automated yard, allowing for more efficient berthing arrangements, enabling the terminal to increase productivity and greatly enhance its service capability and quality.
Moving to deepen the collaboration between CSP and PSA will let the companies to seize “the opportunities of globalization and further strengthen the role of the Singapore Port as a global container transshipment hub, reinforcing the shipping links between China and countries in Southeast Asia.”
Read more: Port of Singapore Authority has arranged containers into a Guinness-World-Record-breaking formation during an event honouring Pagar Terminal in Singapore as it moves to consolidate terminals.