by Lloyd's List
27 November 2024 (Lloyd's List) - PSA Singapore and Evergreen have formed a joint venture in Singapore to manage a terminal in the shipping hub, slated to commence operations by the end of the year.
PSA will provide capacity from its existing berths in Singapore to the joint venture terminal to serve Evergreen’s vessels and volumes, the port operator told Lloyd’s List via email, without revealing the terminal’s capacity.
“Terminal capacity is calibrated to serve Evergreen’s volumes via Singapore, leveraging on PSA’s berths in Singapore,” it said.
Evergreen told Lloyd’s List that it acquired a 49% stake in the joint venture, named Evergreen-PSA Terminal, for S$76.6m ($57m).
The strategic partnership will provide long-term terminal capacity assurance to Evergreen’s fast-expanding global vessel fleet at PSA Singapore, according to the two companies’ statement.
The initiative shows how ports and shipping lines can work in unison, as part of PSA’s N2N strategy to ensure the smooth flow of global trade, said of PSA International chief executive Ong Kim Pong.
PSA’s Node-to-Network strategy seeks to optimise individual nodes within the global portfolio and enhance overall network efficiency.
Evergreen chairman Chang Yen-I said: “Environmentally friendly ships and efficient terminals are at the core of our operations. As the company’s business expands, we are always looking for like-minded partners to build high-efficiency terminals in important locations.”
As Taiwan’s largest liner shipping company and the seventh-largest in the world, Evergreen has a fleet of 222 vessels and a total capacity exceeding 1.7m teu, according to Alphaliner.
It has commissioned approximately 30 methanol dual-fuel container ships from shipyards in China, South Korea and Japan, with deliveries anticipated between 2026 and 2027.
