COSCO Shipping and PSA Corporation Limited have signed a memorandum of understanding for the addition of two new berths at the COSCO-PSA Terminal in Singapore.
With the launch of the two new berths, the CPT Terminal will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEU of the current three berths to about 5 million TEU.
Established in 2003, the CPT Terminal is a joint venture terminal by COSCO and PSA, and has served as a major hub for container shipping in the region.
The new berths, like the current three berths, will be 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 and quality.
Mr Zhang Wei, Vice Chairman and Managing Director of COSCO Shipping Ports, said: "The COSCO-PSA Terminal is our major investment in S.E. Asia; with the continuous support from parent company and shipping alliance, volume of the terminal continues to grow.
“The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high efficiency services.
“As our major hub port for transhipment in S.E. Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region.”