COSCO Strengthens Presence in Singapore
Hong Kong-listed port operator COSCO Shipping Ports has signed an official agreement with PSA Corporation Limited (PSA) for the addition of two new berths at the COSCO-PSA Terminal (CPT) in Singapore.
The final documents were signed following a Memorandum of Understanding (MoU) inked in November 2018.
The two new berths have commenced official operation from January 1, 2019 and enabled the terminal to equip with five mega-vessel berths, increasing its annual handling capacity from previously 3 million TEUs to about 5 million TEUs.
The new berths are supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements, and enabling the terminal to increase productivity and greatly enhance its service capability.
COSCO Shipping Ports said that the new berths support the needs of COSCO Shipping Group to accommodate mega-vessels and mega-alliances in the shipping industry.
The terminal was established in 2003, as a joint venture between COSCO Shipping Ports and PSA. In 2017, CPT moved from its two-berth terminal to three mega berths, before bringing its berth tally to a total of five mega berths at PSA’s Pasir Panjang Terminal (PPT) 5 and 6.