OOCL extends contract with PSA

OOCL extends contract with PSA

SINGAPORE: Singapore's PSA Corp., facing intense competition from regional rivals, has received a boost after a major Hong Kong-based container line extended its long term contract with the port operator.

"OOCL will continue to use Singapore as our key hub for Southeast Asia," OOCL managing director Jolland Lau said in a joint statement Friday.

"We look forward to continuing the long-term win-win partnership with PSA," he said, adding "we appreciate PSA's new and flexible approach" amid the difficult business environment.

State-owned PSA operates one of the world's busiest ports but has been criticized in recent times for inflexibility. -- AFP