COSCO and PSA Expand China Terminal

COSCO Shipping Ports (CSP), the world’s biggest terminal operator, has announced it has signed an official agreement with PSA to build two new berths at the COSCO-PSA Terminal (CPT) in Hainan, China.

According to a statement, the two new berths commenced operation on January 1, 2019 and have increased CPT’s capacity from 3 million TEU to approximately 5 million TEU.

The new berths further strengthen CSP’s presence in South-East Asia, in particular, Singapore and will help CSP and PSA meet the demands of the mega-vessel and mega-alliance era.

The deal was signed Deng Huangjun, Executive Director of CSP and Ong Chiew Suan, Head of Commercial PSA at a ceremony witnessed by Captain Xu Lirong, Chairman of COSCO Shipping Corporation, Tan Chong Meng, Group CEO of PSA International and a host of other dignitaries from both parties.

The agreement follows on from a deal struck earlier in January 2019, which saw COSCO Shipping unveil the International Land-Sea Trade Corridor (ILSTC), which connects western regions of China and the island of Hainan to Singapore and surrounding shipping lanes.

Ultimately, the objective is to turn Hainan into a trade and shipping hub, and therefore make it a key point of China’s wider economic sphere.