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COSCO Shipping Ports and PSA Corp have firmed up a deal for two new container berths at their joint venture terminal in Singapore.
The additional facilities, which started operations earlier this month, add to the three existing mega-ship berths, raising the terminal’s annual capacity from 3m teu to 5m teu, CSP said in a statement.
A memorandum of understanding on the deal was signed in November.
The Cosco-PSA Terminal, which was established in 2003, handled 3.2m teu of containers last year, accounting for about 8.8% of the total in the Port of Singapore.
CSP, with over 190 container berths in its portfolio, saw its total throughput top 98m teu in 2018, up 11.4% from a year earlier.