COSCO Shipping Ports (CSP), the world’s biggest terminal operator, has announced it has signed an official agreement with PSA to build two new berths at the COSCO-PSA Terminal (CPT) in Pasir Panjang, Singapore.
According to a statement, the two new berths commenced operation on January 1, 2019 and have increased CPT’s capacity from 3 million TEU to approximately 5 million TEU.
The new berths further strengthen CSP’s presence in South-East Asia, in particular, Singapore and will help CSP and PSA meet the demands of the mega-vessel and mega-alliance era.
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The deal was signed Deng Huangjun, Executive Director of CSP and Ong Chiew Suan, Head of Commercial PSA at a ceremony witnessed by Captain Xu Lirong, Chairman of COSCO Shipping Corporation, Tan Chong Meng, Group CEO of PSA International and a host of other dignitaries from both parties.
The agreement follows on from a deal struck earlier in January 2019, which saw COSCO Shipping unveil the International Land-Sea Trade Corridor (ILSTC), which connects western regions of China and the island of Hainan to Singapore and surrounding shipping lanes.
Ultimately, the objective is to turn Hainan into a trade and shipping hub, and therefore make it a key point of China’s wider economic sphere.