Asia/Pacific News
Singapore Eyes More Mega-Ship Calls as PM Opens Latest Pasir Panjang Terminal Expansion
Singapore has opened the newest addition to its container port with the aim of handling more mega-ships, the Economic Times reports.
A number of the planned 15 berths in Phases 3 and 4 of the Pasir Panjang Terminal are now operational, while the rest of the S$3.5 billion ($2.6 billion) project is scheduled to be completed by the end of 2017.
The completed project will bring Singapore's annual container handling capacity to 50 million TEUs, said PSA International Pte Ltd (PSA).
"This project also reflects our philosophy... always to scan the horizon, discern the trends, plan and invest ahead of time," said Fock Siew Wah, group chief executive officer of PSA.
All the new berths are said to have been designed to handle container ships with capacities larger than 10,000 TEUs.
Shipowners are said to be enlisting mega-ships as a way to reduce fuel costs, despite the fact that container shipping capacity has outpaced demand and freight rates remain under pressure.
In May, it was reported that the Maritime and Port Authority of Singapore (MPA) has signed a $1.83 billion deal to construct a new port terminal on reclaimed land.
