SINGAPORE - French shipping giant CMA CGM, which is buying Neptune Orient Lines (NOL) for US$2.4 billion, is forming a joint venture with SIngapore port operator PSA Singapore Terminals.
The joint venture, CMA CGM-PSA Lion Terminal, (CPLT) will operate and use four mega container berths at Pasir Panjang Terminal Phases 3 and 4 in Singapore.
CPLT will start operations from the second half of 2016, and allow CMA CGM and its shipping line affiliates to use industry-leading port infrastructure and technologies at this latest Pasir Panjang expansion, which has the capacity and scale of operations to better serve mega vessels in the region.
The joint venturewill provide long-term terminal services to CMA CGM and its shipping line affiliates hence securing best-in-class services for its fleet.
Mr Rodolphe Saadé, vice chairman of CMA CGM Group: "CMA CGM is pleased to announce this important partnership with PSA. It is a significant step, demonstrating the ongoing importance of Singapore to our strategy, and delivering on our commitment to making Singapore the Asian hub for the group."
Mr Tan Chong Meng, group chief executive of PSA International: "We are honoured to embark on this win-win partnership. CMA CGM-PSA Lion Terminal will cater to the volume growth of the CMA CGM Group in Asia. PSA looks forward to working alongside CMA CGM to ensure that its hub operations flourish, and enhance Singapore's premier status as the world's busiest transhipment hub."