PSA and HMM have joined forces to form a joint venture in Singapore, working together for enhanced operational excellence and efficiency in container operations. PSA operates the world’s largest container transhipment hub in Singapore. HMM, formerly known as Hyundai Merchant Marine, is a South Korea’s national flagship carrier and one of the leading global shipping companies.
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 per cent stake in HPST, while HMM will own the remaining 42 per cent, both through their respective subsidiaries. This strategic partnership will offer long-term hubbing 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.
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