Well done! PSA
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SINGAPORE'S PSA International has won the right to build and operate a major container port at the Panama Canal, the world's third busiest waterway after the Malacca Strait and the Suez Canal.
The move represents a big growth opportunity for PSA - the world's No.2 port operator - as about 5 per cent of all global shipping passes along the 92-year-old canal.
And the canal is set to become even more important after a US$5.25-billion (S$8.3-billion) plan to widen the waterway to accommodate bigger ships was recently given the green light.
PSA has not disclosed the cost of the facility, which will be at the canal's Pacific Ocean entrance, but it is estimated by industry watchers to cost between US$100 million and US$200 million.
While this is not PSA's biggest overseas investment, it presents a big opportunity to further tap into the fast-growing trade between China and America's East Coast.
PSA operates a number of terminals in China, but the Panama port will be its first in the Americas.
The Panama Canal is a massive short-cut letting ships sail between the Atlantic and Pacific oceans without making the long, treacherous trip around the bottom of South America.
About 40 per cent of all containers shipped from North Asia to the US East Coast pass through the famous waterway.
The new terminal takes PSA's global network to 25 ports in 14 countries.
Like Hong Kong rival Hutchison Whampoa - the world's No.1 port operator - PSA has been investing overseas for growth and now moves more containers abroad than in Singapore, the world's busiest container port.
PSA will face familiar competition at the Panama terminal as Hutchison operates terminals at both ends of the waterway. PSA is set to start operations by 2009.
PSA's concession from the Panamanian government comes two years after Panama and Singapore signed a free trade deal.
'I am pleased that we have taken this important step to develop a major port facility on the Pacific coast, in tandem with the widening and expansion of the Panama Canal, which is currently underway,' said PSA chief executive Eddie Teh.
'Our mutual collaboration will serve to add impetus to the flow of world trade between Asia, the Americas, Europe and beyond.'
The facility will be located at a former US naval base at Rodman.
The first phase of the three- berth project will involve PSA building a 330m-long berth on a 12-ha plot that will handle both container and roll-on-roll-off vessels.
Equipped with three quay cranes, the berth will be able to handle 450,000 standard containers a year.
A water depth of 14m also means that it will be able to handle large ships that will sail through the canal when it is widened. Many modern vessels are now too big to pass through the waterway.
The Panamanian government said the PSA terminal will double the country's port capacity, according to news reports on Monday.
It is unclear what impact PSA's Rodman project will have on Panama's earlier plans to develop a giant US$600 million container port at the Pacific end of the canal. Since last year, the country has been keen for PSA to participate in the project.
Straits Times, 14 March -
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PSA's main biz would still be it's Singapore Terminal
Where in the world other than Hong Kong & Shanghai that you can get to handle so many containers?
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Competitive world.. -
Well at least Changi Airport is not number one anymore.....best part is KLIA is no.3, while Changi is no.4
No. 1 is Incheon and No. 2 is HK's airport....cool
I love it whenever Malaysia boleh and Sillypore tak boleh
Keep it up Sillypore.....best part is CAAS got no comments at press time yesterday.....probably wondering what went wrong and as always in typical gahmen style, must pick and choose the best words to respond and act diplomatic, gracious etc.....but in reality there will be heads who will roll and and some people's pay will stagnate or even have a cut
Wee heee -
SO............................????? HOW DOES IT BENEFIT YOU?Originally posted by oxford mushroom:SINGAPORE'S PSA International has won the right to build and operate a major container port at the Panama Canal, the world's third busiest waterway after the Malacca Strait and the Suez Canal.
The move represents a big growth opportunity for PSA - the world's No.2 port operator - as about 5 per cent of all global shipping passes along the 92-year-old canal.
And the canal is set to become even more important after a US$5.25-billion (S$8.3-billion) plan to widen the waterway to accommodate bigger ships was recently given the green light.
PSA has not disclosed the cost of the facility, which will be at the canal's Pacific Ocean entrance, but it is estimated by industry watchers to cost between US$100 million and US$200 million.
While this is not PSA's biggest overseas investment, it presents a big opportunity to further tap into the fast-growing trade between China and America's East Coast.
PSA operates a number of terminals in China, but the Panama port will be its first in the Americas.
The Panama Canal is a massive short-cut letting ships sail between the Atlantic and Pacific oceans without making the long, treacherous trip around the bottom of South America.
About 40 per cent of all containers shipped from North Asia to the US East Coast pass through the famous waterway.
The new terminal takes PSA's global network to 25 ports in 14 countries.
Like Hong Kong rival Hutchison Whampoa - the world's No.1 port operator - PSA has been investing overseas for growth and now moves more containers abroad than in Singapore, the world's busiest container port.
PSA will face familiar competition at the Panama terminal as Hutchison operates terminals at both ends of the waterway. PSA is set to start operations by 2009.
PSA's concession from the Panamanian government comes two years after Panama and Singapore signed a free trade deal.
'I am pleased that we have taken this important step to develop a major port facility on the Pacific coast, in tandem with the widening and expansion of the Panama Canal, which is currently underway,' said PSA chief executive Eddie Teh.
'Our mutual collaboration will serve to add impetus to the flow of world trade between Asia, the Americas, Europe and beyond.'
The facility will be located at a former US naval base at Rodman.
The first phase of the three- berth project will involve PSA building a 330m-long berth on a 12-ha plot that will handle both container and roll-on-roll-off vessels.
Equipped with three quay cranes, the berth will be able to handle 450,000 standard containers a year.
A water depth of 14m also means that it will be able to handle large ships that will sail through the canal when it is widened. Many modern vessels are now too big to pass through the waterway.
The Panamanian government said the PSA terminal will double the country's port capacity, according to news reports on Monday.
It is unclear what impact PSA's Rodman project will have on Panama's earlier plans to develop a giant US$600 million container port at the Pacific end of the canal. Since last year, the country has been keen for PSA to participate in the project.
Straits Times, 14 March -
You are happy...unless you are one of the major shareholders or one of their elites....Originally posted by Lowclassman:SO............................????? HOW DOES IT BENEFIT YOU?
You think they will reward its people ....the sillyporeans??? -
but then again..Originally posted by Lowclassman:You are happy...unless you are one of the major shareholders or one of their elites....
You think they will reward its people ....the sillyporeans???
if u see far enough...
it does benefit us...
but in an indirect way.. -
No need to explain lah...... some ppl will not be 'happy' no matter what....Originally posted by GHoST_18:but then again..
if u see far enough...
it does benefit us...
but in an indirect way..
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Winning the contract doesn't automatically mean that PSA would make a good profit out of it. One look at the map shows that there is another port managed by Hutchinson-Whampoa on the other side of the canal. A lot still needs to be done to ensure that we get the best of the port in Panama.
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Well done, indeed - is there no other better place to dump excess money ?
In a region that is politically unstable as the Middle-east, and with the Latin nationals having temperaments as hot as the Spanish - what is there to prevent the Panamanians from attempting to nationalize the Port after it has been completed ?
The Panamanian had supported Egyptian President Nasser's seizure of the Suez Canal, resented the arbitrary resolutions passed in the subsequent London Conference.
The Panama Canal was similarly built by the US with taxpayers' money, and throughout the history of Panama, there has been cries of US imperialistic and capitalistic design over Panama.
For a while, the US had to send troops to Panama to suppress some revolutionaries; and while the US has the power and the means to protect its interests across the globe, can Singapore do the same to protects our Interests ?
At the end, it was only through the generous good sense of US Capitalism that returned Panama Canal to Panamanian control in Year 2000.
With the political awakening of Latin America and its revolutionists, how long will PSA hold on to this investment before it is forced to make way to nationalist sentiments ? -
PSA is making a serious comeback after losing it bid for P&O. And yes, I am proud of them...
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Wah.. build longkang oso so expensive ar?.. Can cheaper or not har?..
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There is no need for CAAS to comment, because when T3 is up, we will climb back to the top spot. Singapore Changi is by far the most comfortable, practical and functional airport in the world, the prefer airport for transit passenger.Originally posted by Coquitlam:Well at least Changi Airport is not number one anymore.....best part is KLIA is no.3, while Changi is no.4
No. 1 is Incheon and No. 2 is HK's airport....cool
I love it whenever Malaysia boleh and Sillypore tak boleh
Keep it up Sillypore.....best part is CAAS got no comments at press time yesterday.....probably wondering what went wrong and as always in typical gahmen style, must pick and choose the best words to respond and act diplomatic, gracious etc.....but in reality there will be heads who will roll and and some people's pay will stagnate or even have a cut
Wee heee -
That longkang is the artery of the American economy, dont play play.Originally posted by d3rF:Wah.. build longkang oso so expensive ar?.. Can cheaper or not har?.. -
This is one congested route!
Lots of potential for PSA if managed and planned well. -
That assumes Panama doesn't join Chavez's anti-American gang.Originally posted by elindra:This is one congested route!
Lots of potential for PSA if managed and planned well. -
not happy... wait my frens in PSA is going to get even higher bonus!Originally posted by Lowclassman:You are happy...unless you are one of the major shareholders or one of their elites....
You think they will reward its people ....the sillyporeans??? -
Outstanding!! Teo thumbs Up!!
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Then another iTV lor. What you expect?Originally posted by Atobe:Well done, indeed - is there no other better place to dump excess money ?
In a region that is politically unstable as the Middle-east, and with the Latin nationals having temperaments as hot as the Spanish - what is there to prevent the Panamanians from attempting to nationalize the Port after it has been completed ?
The Panamanian had supported Egyptian President Nasser's seizure of the Suez Canal, resented the arbitrary resolutions passed in the subsequent London Conference.
The Panama Canal was similarly built by the US with taxpayers' money, and throughout the history of Panama, there has been cries of US imperialistic and capitalistic design over Panama.
For a while, the US had to send troops to Panama to suppress some revolutionaries; and while the US has the power and the means to protect its interests across the globe, can Singapore do the same to protects our Interests ?
At the end, it was only through the generous good sense of US Capitalism that returned Panama Canal to Panamanian control in Year 2000.
With the political awakening of Latin America and its revolutionists, how long will PSA hold on to this investment before it is forced to make way to nationalist sentiments ? -
Well...... no risk, no gain.Originally posted by Hogzilla:Then another iTV lor. What you expect?
Got gain..... i still complaint...... thats how many S'porean think..... -
This one is the concession given by the resp govt directlyOriginally posted by Hogzilla:Then another iTV lor. What you expect? -
Dont try 2 earn S$10 per post lah!!! -
Originally posted by foomwee88:Dont try 2 earn S$10 per post lah!!!
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R u Gods????Originally posted by Urroh: