COSCO-PSA Terminal (CPT), a joint venture company including COSCO Pacific and PSA, is to invest in new container berths in Singapore that will be equipped to serve next-generation mega container vessels.
CPT was formed in 2003 to create a new terminal during PSA’s Pasir Panjang Terminal (PPT) Phase 1.
The company will upgrade its two-berth terminal to three new mega berths in PPT’s Phases 3 and 4.
Scheduled to open next year, the new berths will be integrated with PSA’s infrastructure and use the latest automated and intelligent port technologies.
The investment programme is expected to augment port productivity and bolster PSA’s ability to manage greater business complexity.
Singapore Prime Minister’s Office Senior Minister of State Josephine Teo said: "The investment in three new mega berths is strategically important to both partners and also a clear demonstration of their confidence in Singapore as an international maritime centre with a well-connected transhipment hub.
"In addition, I believe the project will contribute positively to China’s Maritime Silk Road initiative and ‘One Belt, One Road’ vision."
China’s One Belt, One Road (OBOR) is a development strategy that promotes integration among countries in Eurasia consisting of the land-based ‘Silk Road Economic Belt’ (SREB) and oceangoing ‘Maritime Silk Road’ (MSR).
The country aims to export its production capacity in areas of overproduction such as steel manufacturing.