Independent journal on economy and transport policy
08:02 GMT+2
CENTRO INTERNAZIONALE STUDI CONTAINERS
ANNO XXXVIII - Numero SETTEMBRE 2020
PORTS
PSA AND HMM FORM NEW COMPANY TO BOOST OPERATIONS
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"PSA Corporation Ltd (PSA) and HMM Co., Ltd (HMM) will
form a joint venture in Singapore to enhance operational
excellence and efficiency in container operations. ."
Subject to regulatory approvals, the joint venture company,
HMM-PSA Singapore Terminal Pte Ltd (HPST), is scheduled to commence
operations before the end of this year. PSA will hold a 58% stake in
HPST, while HMM will own the remaining 42 per cent, both through
their respective subsidiaries.
According to a statement, the strategic partnership will offer
long-term certainty to HMM's fast expanding global vessel fleet in
PSA Singapore.
Besides volume and terminal capacity assurance, PSA and HMM will
also collaborate in operational technology developments and
innovations. The enhanced partnership and staying ahead of the
technology curve will ensure that PSA and HMM continue to deliver
service excellence and exceed customers' expectations.
Ong Kim Pong, Regional CEO Southeast Asia, PSA International,
said: "We are honoured to join forces with HMM, one of the
world's top ocean carriers and a globally integrated logistics
company, to maximise operational synergies and address the rapidly
changing landscape of the shipping industry.
"PSA and HMM have had a steadfast and long-standing working
relationship and we are excited to take this partnership to the next
level, achieving a strategic win-win for both parties. We look
forward to working alongside HMM to unlock the potential of our
combined strengths and capabilities."
Jae-hoon Bae, President & CEO of HMM, said, "Both HMM
and PSA have extended their reach to every corner of the globe and
have maintained a strong partnership based on mutual respect.
"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."
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