KOREA's
Hyundai Merchant Marine (HMM) has become the sixth container line to enter
into a joint venture terminal in Singapore with PSA.
The
new joint venture HMM-PSA Singapore Terminal (HPST) will be 58 per
cent owned by the Singapore terminal operator with HMM having a
42 per cent stake. It is due to start operations at the end of the year subject to
regulatory approvals.
HMM
is taking delivery of a series of 24,000-TEU newbuildings this year, the
biggest box ships afloat, notes Colchester's Seatrade Maritime News.
PSA
and HMM also plan to collaborate on operational technology developments and
innovations.
Said
HMM president and CEO Jae-hoon Bae: "We believe this joint venture terminal
in Singapore plays a significant role as a springboard for both parties to move
forward to a new phase. In addition, HMM looks forward to creating greater
synergy for our 24,000-TEU vessels by securing berth on arrival and providing
more reliable services for our customers through the joint venture."
Said
PSA International regional chief Ong Kim Pong: "We look
forward to working alongside HMM to unlock the potential of our combined
strengths and capabilities."
This
is the sixth joint venture container terminal PSA has entered into in
Singapore. The terminal operator also has joint ventures with Cosco Shipping, CMA CGM, Ocean Network Express (ONE), MSC,
and Pacific International Lines (PIL). It also has a joint venture
automobile terminal with NYK and "K" Line.
PSA
said the role of the hub port had been reinforced by supply chain disruption
during in Covid-19 with lines using Singapore as staging hub for cargoes
destined for congested gateway ports.
Source
: HKSG.
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