PSA International

PSA seeks bidders for its CK Hutchison stake; China giants among potential buyers

Chinese state-owned giants, China Cosco Shipping Corp. and China Merchants Group, seem to be interested in acquiring PSA International Pte’s minority stake in Hong Kong’s CK Hutchison Holdings Ltd.

According to a Bloomberg report, PSA is seeking approximately US$4 billion for its 20% share of CK Hutchison’s ports assets, while the company is reported to have already begun early discussions with potential investors.

COSCO and China Merchants have not confirmed the reports at the time of writing.

The...

https://container-news.com/psa-seeks-bidders-for-its-ck-hutchison-stake-china-giants-among-potential-buyers/

PSA exceeds 90 million TEUs in 2022

PSA International has announced it handled 90.9 million TEUs at its port projects worldwide in 2022, which represents a 0.7% decline compared with 2021 box volumes.

The company’s flagship PSA Singapore reported 37 million TEUs with the remaining terminals of PSA outside Singapore reaching 53.9 million TEUs.

“The world experienced another challenging year in 2022 and although most countries were emerging from the global pandemic, many continued to suffer from the negative aftershocks which were...

https://container-news.com/psa-exceeds-90-million-teus-in-2022/

PSA Mumbai in India’s Nhava Sheva expands network reach via new intra-Asia service addition

PSA International-operated flagship Bharat Mumbai Container Terminals (BMCT) in India’s Nhava Sheva Port (JNPT) continues to expand its ocean network reach on the strength of greater productivity levels and superior harbour infrastructure.

The latest win is an intra-Asia weekly call jointly led by Cosco Shipping, KMTC, T.S. Lines and Emirates Shipping Line. The consortium has shifted calls of the AIS (Asia-India Subcontinent) service from APM Terminals Mumbai (GTI) to BMCT, starting with the...

https://container-news.com/psa-mumbai-in-indias-nhava-sheva-expands-network-reach-via-new-intra-asia-service-addition/

Drewry reports changes to global port capacity forecast, presents leading terminal operators

Widespread container shipping trade recovery in the wake of the Covid-19 pandemic has boosted the global terminal capacity outlook, supported by global terminal operators’ (GTOs) increased appetite for higher-risk greenfield projects to deliver long-term growth, according to Drewry’s latest Global Container Terminal Operators Annual Review and Forecast report.

Global container port capacity is projected to increase by an average annual rate of 2.4% to reach 1.38 billion TEU by 2026. However, the...

https://container-news.com/drewry-reports-changes-to-global-port-capacity-forecast-presents-leading-terminal-operators/

Indian apex court issues temporary stay on Tuticorin terminal contract termination

PSA International has won a temporary reprieve from the Indian Supreme Court against a terminal contract termination notice issued by the Tuticorin port authority, also known as V.O. Chidambaranar (VOC), near Chennai, India.

PSA-Sical Terminals, which began operations in 1998, has been mired in a protracted legal battle over royalty obligations towards VOC.

The stay order, restraining VOC from proceeding with any action against PSA-Sical, would remain in force until the matter is finally decided...

https://container-news.com/indian-apex-court-issues-temporary-stay-on-tuticorin-terminal-contract-termination/

Tuticorin terminal contract fiasco threatens PSA’s investment push in India

PSA International’s growth aspirations in India have received a jolt after the country’s southern Tuticorin Port authority, also known as V.O. Chidambaranar (VOC), last week issued a notice of termination to PSA-Sical Terminals over long unsettled royalty obligations.

“Till date, PSA Sical has not paid the royalty dues nor approached this port for payment of the royalty dues. In terms of Article 13.4.5 of the License Agreement, the 90 days period of termination notice expired on 19 April 2022....

https://container-news.com/tuticorin-terminal-contract-fiasco-threatens-psas-investment-push-in-india/

ONE and PSA complete trial use of reclaimed refrigerant gas from reefers

Ocean Network Express (ONE) and PSA Corporation have announced the successful use of reclaimed refrigerant gas from reefer containers.

After the agreement, the two parties signed on 28 July 2021, PSA and ONE are cooperating on several sustainability initiatives to recover and recycle refrigerant gas from refrigerated boxes.

PSA is the first in Southeast Asia to commence trials on the use of reclaimed refrigerant gas from reefers, with ONE being the first shipping line to successfully complete the...

https://container-news.com/one-and-psa-complete-trial-use-of-reclaimed-refrigerant-gas-from-reefers/

PSA acquires 2nd Port of Halifax container terminal

With its acquisition of Ceres Halifax, PSA International will operate two container terminals in Nova Scotia, Canada.

PSA announced late last week that it had acquired the Fairview Cove terminal at the Port of Halifax from Nippon Yusen Kabushiki Kaisha. It already owned the Atlantic Hub terminal, which it acquired in 2019, and will operate both facilities as PSA Halifax.

Terms of the transaction were not disclosed.

“With one dedicated ILA workforce and an efficient facility comprising both...

https://www.freightwaves.com/news/psa-acquires-2nd-port-of-halifax-container-terminal

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