PSA Singapore is set to partner with Ocean Network Express (ONE) for the establishment of a new container terminal joint venture (JV) at Pasir Panjang Terminal in Singapore.
The planned JV is subject to regulatory approvals and is expected to start operations in the first half of next year.
Once formed, the new company will operate four mega container berths that will have a combined annual handling capacity of four million twenty-foot equivalent units (TEUs).
ONE CEO Jeremy Nixon said: “Through this joint venture in Singapore, ONE will be enabled to further enhance its terminal and vessel planning operations in even closer cooperation with PSA.
“This will improve our service reliability and benefit our customers through better service levels.”
The new JV is anticipated to provide reliable terminal services to ONE and its fleet, leveraging its improved port infrastructure and technologies.
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The terminal is expected to help ONE to meet its requirements of high-quality services and enhanced productivity.
PSA International Southeast Asia regional CEO Ong Kim Pong said: “Recently, PSA has developed many enhanced products, including data analytics tools to boost port efficiency and initiatives for cargo solutions to address market needs.
“We look forward to working alongside with ONE to grow its value, strengthen its position as a major global player and, at the same time, enhance the status of the Port of Singapore as a premier global container and cargo orchestration hub.”
Last month, Cosco Shipping Ports signed a memorandum of understanding (MoU) with PSA for building two new berths at the COSCO-PSA Terminal in Singapore.