COSCO Shipping Ports and PSA Corporation have signed an MOU to mark the launch of a new berth at COSCO-PSA Terminal in Singapore.
Established in 2003, the terminal has served as a hub for container shipping in the Southeast Asia region. The launch of the third berth follows an agreement signed last year which replaced the original two berths in the terminal located at Pasir Panjang Terminal 1 with three new and larger berths at Pasir Panjang Terminal 5. The first two berths had earlier commenced operations on January 1, 2017, with an annual handling capacity of 2,000,000 TEUs.
OCEAN Alliance, of which COSCO Shipping is a major member, commenced operations on April 1, 2017. Throughput is expected to grow at Singapore as a result of the strategic reshuffle of shipping routes undertaken by the OCEAN Alliance. As a result, COSCO Shipping Ports decided to commence operations at the third berth on January 1,2018. This will increase the handling capacity of the terminal to 3,000,000 TEUs annually.
The new berth, like the first two berths, will be supported by an automated yard, allowing for more efficient berthing arrangements, enabling the terminal to increase productivity and greatly enhance its service capability and quality, says COSCO Shipping Ports. “The cooperation will further deepen the collaboration between COSCO Shipping Ports and PSA, enabling the two companies to seize the opportunities of globalization and further strengthen the role of the Singapore Port as a global container transshipment hub, reinforcing the shipping links between China and countries in Southeast Asia.”
Singapore’s Next Generation Port in Tuas will eventually take over current operations at Pasir Panjang, Tanjong Pagar, Keppel and Brani container terminals. Tuas Terminal is planned to be the single largest container handling and management ecosystem in the world. It will be opened progressively from 2021, and when fully completed by 2040, it will be able to handle up to 65 million TEUs a year, more than double what the port handled last year.