$1 Billion Investment for Singapore Port

$1 Billion Investment for Singapore Port

Huge investment and seven projects announced at Singapore Maritime Technology Conference 

4 Penta Ocean (Japan), Hyundai (South Korea) and Boskalis (The Netherlands) have signed an agreement for the Tuas Terminal Phase II development worth USD $1.1 billion in Singapore.

With Phase I of Tuas Terminal well underway, this second phase of development will increase the total port capacity by another 21 million TEUs by 2027.

The signing took place at the Singapore Maritime Technology Conference 2018, alongside several other major global deals.

Aligned with the Sea Transport Industry Transformation Map to enhance competitiveness and drive new growth areas, the Maritime and Port Authority of Singapore (MPA) has inked five Memorandums of Understanding (MOUs) and two Agreements with local and international partners.

These MOUs and Agreements will strengthen Singapore’s connectivity, deepen maritime R&D capabilities and create a vibrant innovation culture.

Mr Andrew Tan, Chief Executive of MPA, said: “We are glad to have like-minded partners who strongly believe in the importance of digitalization, technology and innovation.

“These MOUs will help us to take the maritime sector to a new level of development in areas such as automation, data analytics, intelligent systems and cybersecurity.

“Along with support for maritime start-ups, MPA hopes to create an enabling environment for both existing and new players to co-exist side by side as part of a vibrant innovative cluster.

“That way, Maritime Singapore will be able to stay ahead of the curve as a world class hub port and international maritime centre.”

Works under Phase II of the Tuas Terminal include the design and construction of 387 hectares of reclaimed land bounded by 9.1km of caisson walls.

The latest innovations and technologies, such as e-cranes and reclaimer barges, will be employed to maximise the use of dredged materials for filling above sea level.

When fully developed by the 2040s, Tuas Terminal will be able to handle up to up to 65 million TEU annually.

Read more: Chinese Firms to Invest 1 Billion in Khalifa Port

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