Singapore set for new mega boxship berths

Cosco Pacific and PSA joint venture will invest in new facilities in the Lion City.

A joint venture between Cosco Pacific and PSA Corporation is investing in new berths in Singapore to cater for mega containerships.

Leading political and company figurers were present as pen met paper on the agreement in Shanghai today. 

Following the deal Cosco-PSA Terminal, a joint venture established in 2003, will move from two existing berths to three new mega berths when they open in 2017, a statement said.

Josephine Teo, Senior Minister of State, said the investment is strategically important to both partners and is a clear demonstration of their confidence in Singapore as an international maritime centre.

“I believe the project will contribute positively to China's Maritime Silk Road initiative and ‘One Belt, One Road’ vision,” she added.

Tan Chong Meng, chief executive of PSA International, says the new agreement is timely after the merger of Cosco and China Shipping.

Singapore will serve as the main container transhipment hub in Southeast Asia for the world’s fourth largest container line.