Singaporean port operator PSA Singapore (PSA) and Taiwanese container shipping company Evergreen Marine Corporation have formed a joint venture in Singapore aiming to enhance operational excellence and achieve greater synergies in container operations.
The joint venture terminal is expected to commence operations by the end of 2024.
As explained, the strategic partnership will offer long-term terminal capacity assurance to Evergreen’s “fast-expanding” global vessel fleet in PSA Singapore.
By deepening their collaboration, the duo wants to improve operational efficiency, drive digital innovation, and advance sustainability efforts.
“Trade flows are the lifeblood of the global economy, fueling markets, driving growth and connecting communities worldwide with ports and shipping lines acting as its key enablers. PSA is proud to announce our latest collaboration with Evergreen Marine, a like-minded partner dedicated to advancing global trade and connectivity. Together, we see immense opportunities to embark on initiatives that will not only enhance supply chain resilience but also reimagine how ports and shipping lines can work in unison, as part of our Node-to-Network (N2N) strategy so as to ensure global trade flows as smoothly as water,” Ong Kim Pong , Group CEO of PSA International, commented.
“PSA is pleased to form this strategic joint venture with EMC, building on our longstanding relationship to enhance collaboration and meet the rapidly changing needs of the maritime industry. By integrating our strengths and capabilities, this mutually beneficial partnership will deliver greater value and deepen the synergies between the two organisations over the long term,” Nelson Quek , PSAI Regional CEO Southeast, said.
To note, PSA has been collaborating with other global maritime players, too, such as the joint venture container terminal with Ocean Network Express (ONE) and the JV with COSCO Shipping Ports .
“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. With the culmination of everyone’s hard work comes the launch of Evergreen Marine’s first joint venture terminal with PSA. This achievement not only strengthens our operations in Asia but also marks the beginning of a deeper global partnership between us,” Y.I. Chang , Chairman of EMC, stressed.
To remind, Evergreen ordered a few months ago six 2,400 TEU methanol dual-fuel containerships in China, continuing its efforts to decarbonize operations. The Sub-Panamax vessels will be built by CSSC Huangpu Wenchong Shipbuilding Company Limited, part of China State Shipbuilding Corporation (CSSC).
What is more, the company ordered 24 methanol dual-fuel 16,000 TEU boxships in South Korea and Japan last year.
With the latest joint venture agreement, the Taiwanese player aims to ensure the required terminal capacity for its growing (newbuilding) fleet.