An opening ceremony of COSCO-PSA Terminal Pte. Ltd. ("CPT") is held at Pasir Panjang Terminal in Singapore today by Mr. YEO Cheow Tong, Minister of Transport, the Republic of Singapore, Capt. WEI Jiafu, President of China Ocean Shipping (Group) Company ("COSCO") and Chairman of COSCO Pacific Limited ("COSCO Pacific") and Mr. Stephen LEE, Chairman of PSA Corporation Ltd. ("PSA"). Among the witnesses present at this significant event include dignitaries as well as prominent members of the international shipping and maritime community.

CPT began its operation on November 1, 2003. The joint venture company was set up by COSCO Pacific and PSA. Under the partnership, COSCO Pacific holds 49% interest while PSA holds 51%. The joint venture company will manage and operate two berths at Pasir Panjang Terminal under two phases. Equipped with latest technology and facilities, CPT will be capable of handling in excess of one million TEUs of containers annually.

Capt. WEI Jiafu, Chairman of COSCO Pacific said, "The inauguration of CPT holds long-term significance for both COSCO and PSA. We look forward to working together with PSA to develop CPT into one of the most competitive terminal operators in the world, providing excellent services to international shipping lines."

The joint venture company will provide COSCO Pacific 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.

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