PSA Singapore and Ocean Network Express will form a joint venture company based at Pasir Panjang Terminal in Singapore.
According to the two companies, the JV is scheduled to commence in the first half of 2019 and will involve the operation of four container berths with a combined annual handling capacity of 4 million TEUs.
“We are honoured by Ocean Network Express’ confidence in PSA and are pleased to embark on a win-win and mutually beneficial partnership with them” said Ong Kim Pong, regional CEO of Southeast Asia at PSA International. “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.”
The two companies said that Pasir Panjang Terminal is designed to handle the demand dynamics of today and the future, and has the capacity and scale of operations to meet ONE’s needs with high-quality services and enhanced productivity.
“We feel privileged to be able to cement a long-lasting relationship into a long-term strategic partnership with PSA, one of the top terminal players in the world,” said Jeremy Nixon, chief executive officer of ONE. “Through this joint venture in Singapore, ONE will be enabled to further enhance its terminal and vessel-planning operations in an even closer cooperation with PSA. This will improve our service reliability and benefit our customers through better service levels.”