HMM joins PSA in Singapore to run container terminal hub
KOREA's Hyundai Merchant Marine (HMM) has become the sixth container line to enter into a joint venture terminal in Singapore with PSA
KOREA's Hyundai Merchant Marine (HMM) has become the sixth container line to enter into a joint venture terminal in Singapore with PSA.
The new joint venture HMM-PSA Singapore Terminal (HPST) will be 58 per cent owned by the Singapore terminal operator with HMM having a 42 per cent stake. It is due to start operations at the end of the year subject to regulatory approvals.
HMM is taking delivery of a series of 24,000-TEU newbuildings this year, the biggest box ships afloat, notes Colchester's Seatrade Maritime News.
PSA and HMM also plan to collaborate on operational technology developments and innovations.
Said HMM president and CEO Jae-hoon Bae: 'We believe this joint venture terminal in Singapore plays a significant role as a springboard for both parties to move forward to a new phase. In addition, HMM looks forward to creating greater synergy for our 24,000-TEU vessels by securing berth on arrival and providing more reliable services for our customers through the joint venture.'
Said PSA International regional chief Ong Kim Pong: 'We look forward to working alongside HMM to unlock the potential of our combined strengths and capabilities.'
This is the sixth joint venture container terminal PSA has entered into in Singapore. The terminal operator also has joint ventures with Cosco Shipping, CMA CGM, Ocean Network Express (ONE), MSC, and Pacific International Lines (PIL). It also has a joint venture automobile terminal with NYK and 'K' Line.
PSA said the role of the hub port had been reinforced by supply chain disruption during in Covid-19 with lines using Singapore as staging hub for cargoes destined for congested gateway ports.