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COSCO SHIPPING Ports Limited
COSCO SHIPPING Ports Limited

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Signing Heads of Agreement to establish COSCO-PSA Terminal Private Limited

Date:2003-08-30     Publish:本站

COSCO Pacific Limited ("COSCO Pacific") is pleased to announce that COSCO Pacific and PSA Corporation Limited ("PSA") join hands together to establish COSCO-PSA Terminal Private Limited ("COSCO-PSA" or the "Joint Venture") of which COSCO Pacific holds 49% interest.

A signing ceremony of the Heads of Agreement is held at Sofitel Boao Hotel in Hainan, China on August 30, 2003. The Joint Venture will manage and operate two berths of the Pasir Panjang Terminal in Singapore in two phases. Firstly, the Joint Venture will manage and operate an existing berth with a quay length of 360 meters, a total area of about 114,000 square meters and a water depth alongside of up to 15 meters. Its designed annual container handling capacity is 500,000 TEUs. The Joint Venture will expand to manage and operate 2 berths before 2008. Upon then, the terminal will be capable of handling 1 million TEUs of container annually with a quay length of 720 meters and a total area of 228,000 square meters. Equipped with latest technology and facilities, the terminal will provide customers with the most comprehensive services in the world.

Captain WEI Jiafu, President of China Ocean Shipping (Group) Company ("COSCO Group") and Chairman of COSCO Pacific, points out that COSCO-PSA is the result of the global strategic partnership between COSCO Group and PSA. In 2001, an agreement was signed between the two parties, in which COSCO Group was committed to recognize Singapore as the hub port in South-east Asia. The newly established Joint Venture will provide COSCO Container Lines Company Limited ("COSCON"), a wholly owned subsidiary of COSCO Group, with exclusive and quality services.

COSCO-PSA is a win-win cooperation between COSCO Group and PSA. COSCO Group is the largest shipping company in China and one of the largest in the world. COSCON is the world's seventh largest container liner operator. PSA and COSCO Pacific are both leading container terminal operators, ranking 2nd and 8th respectively. Through the joint efforts of the two parties, the Joint Venture will rapidly develop into one of the most competitive container terminal operator in the world, serving international shipping liners with the most efficient and sophisticated services.

The Joint Venture is COSCO Pacific's first overseas port investment, which will provide us a solid foundation to further expand fast-growing terminal business in Asia. This also represents a milestone of COSCO Pacific to develop as a regional leader in container terminal operations.