Hyunday Merchant Marine and PSA have signed an agreement to launch a new joint venture, HMM-PSA Singapore Terminal Pte Ltd, in which the Singapore Terminal Group will retain 58% of the shares.
The strategic partnership is expected to become operational by the end of the year, as soon as formal approval is obtained from the competent authorities. It will allow the South Korean liner to secure new areas in Singapore for its 24,000 TEU Ultra Large Container Ships, which were delivered this year.
The collaboration will also extend to technological innovation and digitization. This is not the first time that PSA has established strategic relationships with shipowners. In addition to the one defined today, the terminal operator already has five other joint ventures with Cosco Shipping, CMA CGM, Ocean Network Express (ONE), MSC and Pacific International Lines (PIL).
Translation by Giles Foster