Singapore to boost port competitiveness<\/p>\n
Singapore is likely to confirm plans for overseas shipping lines
\nto have a stake in port operator PSA Corp., in a major policy
\nannouncement aimed at containing a growing threat from Malaysia
\nas a shipping hub.<\/p>\n
The idea was first mooted in April, along with an 80 million
\ndollar (US$44.4 million) plan to beef up competitiveness as
\nshipping lines begin to abandon Singapore in favor of Malaysia's
\nneighboring Port of Tanjung Pelepas (PTP).<\/p>\n
Transport Minister Yeo Cheow Tong told Channel NewsAsia that
\nPrime Minister Goh Chok Tong would make a major announcement on
\nshipping strategy at the PSA's 30th anniversary dinner on Friday.<\/p>\n
There is wide market speculation Goh will confirm the
\nshareholding idea, first floated in April, and while Yeo would
\nnot go into specifics of the speech he said selling stakes in PSA
\nis "definitely feasible".<\/p>\n
Singapore is one of the world's busiest ports, and Goh has
\nsaid if the shareholding option is adopted "when PSA prospers,
\nthe shipping lines will get a heavy rebate".<\/p>\n
Singapore's position as Southeast Asia's regional transhipment
\nhub is facing serious competition from PTP which has already
\nwooed away two of PSA's biggest customers, Danish line Maersk and
\nTaiwan's Evergreen Marine Corp.<\/p>\n
The young Malaysian port, which only began operations in 1999,
\nreportedly offered rates sharply lower than those of PSA and gave
\nMaersk a 30 percent equity stake offer.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapore-to-boost-port-competitiveness-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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