On November 21, 2018, COSCO SHIPPING Ports Limited (COSCO SHIPPING Ports, HKEX stock code:1199) signed an MOU on cooperation with PSA International Pte Ltd (PSA) regarding two newly-added berths at COSCO-PSA Terminal (CPT) in Singapore.
With the addition of two berths, CPT will own five berths for large containerships and its annual handling capacity will increase from the current 3 million TEU based on three berths to around 5 million TEU. The new berths will optimize the terminal network of COSCO SHIPPING Ports in Singapore and meet the requirements of COSCO SHIPPING for accommodating large-sized vessels and building industry alliances.
Established in 2003, CPT is jointly operated by COSCO SHIPPING Ports and PSA, and serves as an important container hub in Southeast Asia. Same as the existing three ones, the new berths are equipped with automated yards, which will facilitate docking and improve the terminal efficiency, while significantly improving the capacity and quality of services.
The signing of MOU will deepen the partnership between COSCO SHIPPING Ports and PSA, and help the two sides seize the strategic opportunities of globalization and further consolidate the position of the Port of Singapore as a global container hub.