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.
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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.
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