Singapore state-owned port operator PSA International Pte Ltd plans to add 10 new berths to cope with surging global cargo volumes.
PSA, which operates the world's largest transhipment hub in Singapore, said in a statement posted on its Web site late on Friday that the berths would be developed over the next 5 to 7 years. The port operator, which is owned by state investment agency Temasek Holdings, did not give details on how much the berths would cost but industry estimates peg the cost of a new berth at between S$200 million (US$117 million) to S$300 million.
The new berths were on top of the five to be built by 2005 announced earlier in May to meet an expected annual growth of about one million twenty-foot equivalent units (TEUs) over the next few years. Cargo volumes handled by PSA Singapore grew 15 percent in the first six months of 2004 to reach 9.9 million cargo boxes.
"With the added capacity, PSA wants to ensure it will meet the industry's long-term growth and enable its customers to realise their full potential of hubbing in Singapore," PSA said.
PSA, which has investments in port projects in Belgium, Brunei, China, India, Italy, Portugal, South Korea and Thailand, is also having exploratory talks to buy a stake in Malaysia's Port of Tanjung Pelepas.
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