Cosco Shipping Ports (CSP) has signed a memorandum of understanding (MoU) with PSA to develop two new berths at the COSCO-PSA Terminal (CPT) in Singapore.
The berths will enable CPT to increase the number of its mega-vessels from three to five.
They will also help increase the terminal’s annual cargo handling capacity from three million twenty-foot equivalent units (TEUs) to nearly five million TEUs.
The berths are set to boost CSP’s presence in Singapore and help with the arrival of mega-vessels and mega-alliances in the shipping industry.
The planned berths will be equipped with automated yard technology to enable more efficient berthing arrangements, increase productivity, as well as improve CPT’s service and quality.
Cosco Shipping vice-chairman and managing director Zhang Wei said: “The COSCO-PSA Terminal is our major investment in Southeast (SE) Asia. With the continuous support from parent company and shipping alliance, the 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 SE Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region.”
Formed in 2003, CPT is a joint venture between CSP and PSA. The terminal currently serves as a major hub for the container shipping industry in the region.
In November last year, CSP and PSA launched the third berth at CPT to replace the original two berths in CPT situated at Pasir Panjang Terminal 1.