CMA CGM and PSA to establish joint venture
CMA CGM is set to form a joint venture company with PSA Singapore to operate and lease four container terminals at the principality port.
According to MANA,The joint venture, in which PSA Singapore will hold a 51% majority stake and CMA CGM 49%, will sub-lease the dedicated box berths from PSA Corp, who will provide the pair with both ancillary facilities and the procurement of container-handing equipment.CMA CGM and its affiliated lines will be given exclusive access to the terminals held under the joint venture, which a PSA corporate spokesperson told Lloyd’s List are located at the Pasir Panjang terminal to the east of the port.
News of the venture comes shortly after the announcement from CMA CGM that it had launched an all-cash voluntary conditional general offer for the Singaporean line NOL, which owns ocean carrier APL, after obtaining approvals by the relevant regulatory authorities in the European Union and China.
As part of the agreement between CMA CGM and PSA Singapore, PSA Terminals Management will provide berth management services to the company, which in turn willl provide long-term terminal services to CMA CGM and its shipping line affiliates, pursuant to a long-term terminal service agreement.
The joint venture company is still subject to the receipt of relevant regulatory approvals.