PSA and HMM launch joint venture for container terminal operations in Singapore
PSA Corporation Ltd (PSA) and HMM Co., Ltd (HMM) have joined forces to form a joint venture in Singapore, working together for enhanced operational excellence and efficiencyin 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 per cent stake in HPST, while HMM will own the remaining 42 per cent, both through their respective subsidiaries. This strategic partnership will offer long-term hubbing 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 partnershipand staying ahead of the technology curve will ensure that PSA and HMM continue to deliver service excellence and exceed customers’ expectations.
About PSA Singapore
PSA Singapore operates the world’s largest container transhipment hub inSingapore, handling 36.9 million TEUs of containers in 2019. With connections to 600 ports globally, shippers have access to daily sailings to every major port in the world, operating 24/7 all year round. Beyond port operations, PSA also offers cargo solutions to customers operating in advanced manufacturing, cold chain, e-commerce, and energy & chemicals. This value adding service is enabled by CALISTA™, a digital platform that facilitates trade and helps shippers to better manage their physical movement of goods, trade financing and compliance.
HMM, formerly known as Hyundai Merchant Marine, is a South Korea’s national flagship carrier and one of the leading global shipping companies. HMM operates over 90 liner services with more than 100 state-of-the-art vessels in 110 countries worldwide. The company strategically collaborates with customers to develop customised supply chain solutions for dry, refrigerated and other specialised cargo.