PSA, NYK, “K” Line to jointly develop Singapore’s first car terminal

PSA, NYK, “K” Line to jointly develop Singapore’s first car terminal

PSA, NYK, “K” Line to jointly develop Singapore’s first car terminal

   PSA Singapore Terminals and Japanese carriers NYK Line and 'K' Line have started a joint venture to operate Singapore’s first dedicated car terminal, the three companies said Tuesday.

   The new terminal, Asia Automobile Terminal Singapore (AATS), will be located at the Pasir Panjang Terminal in the Port of Singapore and will operate two dedicated berths. It is expected to be operational by January 2009.

   The agreement for the joint venture was affirmed Monday in Tokyo by Minoru Sato, executive vice president of NYK, Yoichi Hasegawa, senior managing executive officer of 'K' Line and Kuah Boon Wee, PSA chief executive officer of Southeast Asia and Singapore Terminals.

   'We are honored that both NYK and 'K' Line have partnered with PSA in making AATS the first joint venture car terminal in Singapore,' Wee said. 'We are delighted that our customers see long-term value in Singapore as a transshipment hub for vehicles. Together with all our partners and customers, we hope that this business will continue to grow moving ahead.'

   The carriers both said that Singapore would be a growing transshipment hub for their car carrying services.

   'By establishing this new joint venture, 'K' Line will continue to develop its competitive network for the finished-automobile transport service that the company offers through the Port of Singapore in order to best position itself to respond to demand in Asian countries, which is expected to increase rapidly in the future,' 'K' Line said in a statement.