PSA Corporation Ltd (PSA) and HMM Co., Ltd (HMM) will form a joint venture in Singapore to enhance operational excellence and efficiency in 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% stake in HPST, while HMM will own the remaining 42 per cent, both through their respective subsidiaries.
According to a statement, the strategic partnership will offer long-term 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 partnership and staying ahead of the technology curve will ensure that PSA and HMM continue to deliver service excellence and exceed customers’ expectations.
Ong Kim Pong, Regional CEO Southeast Asia, PSA International, said: “We are honoured to join forces with HMM, one of the world’s top ocean carriers and a globally integrated logistics company, to maximise operational synergies and address the rapidly changing landscape of the shipping industry.
“PSA and HMM have had a steadfast and long-standing working relationship and we are excited to take this partnership to the next level, achieving a strategic win-win for both parties. We look forward to working alongside HMM to unlock the potential of our combined strengths and capabilities.”
Jae-hoon Bae, President & CEO of HMM, said, “Both HMM and PSA have extended their reach to every corner of the globe and have maintained a strong partnership based on mutual respect.
“We believe this joint venture terminal in Singapore plays a significant role as a springboard for both parties to move forward to a new phase. In addition, HMM looks forward to creating greater synergy for our 24,000 TEU vessels by securing berth on arrival and providing more reliable services for our customers through the joint venture.”
