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Pacific International Lines Signed Joint Venture Agreement
One Belt, One Road gains traction
Pacific International Lines (PIL) signed a Joint Venture Agreement with PSA International (PSA) and Beibu Gulf Port Group (BPG) at Qinzhou City (Guangxi Province, China), to establish a new container terminal – Beibu Gulf-PSA International Container Terminal Co., Ltd (BPCT). The alliance will unified the management of berth 3, 4, 5, 6, 7 and 8 under one operator.
Chairman and Deputy Chairman of Guangxi Zhuang Autonomous Region, Mr Chen Wu and Mr Zhang Xiao Qin, Beibu Gulf Port Group Chairman Mr Zhou Xiao Xi, Mr Tan Chong Meng, Group CEO of PSA and Managing Director of PIL, Mr S.S Teo attended the signing ceremony of the Joint Venture Agreement.
Zhou pointed out that “with PSA Singapore and PIL joining in the collaboration, the partnership will help spur economic growth in the Beibu Gulf region and bring a long lasting effect on the strategic development of “One Belt, One Road” which the Chinese government has been advocating in their action plan since March 2015.
Tan Chong Meng spoke about the strategic location, established transport infrastructure and extensive hinterland offered by Guangxi-Beibu Gulf and the region tremendous potential. Tan is confident that the collaboration which complements the strength of the three shareholders and the strong support from the Guangxi Government will contribute significantly to the economic growth of China South-Western region and transmute the terminal into a port of choice for the shipping lines.
Managing Director for PIL, S.S Teo emphasizes the importance of Guangxi to China’s South-Western hinterland. He said, “We recognize the tremendous potential of the BPCT as a major international container hub port to support the further development of industries and hinterland investments in South-Western China. PIL is committed to work with BPG and PSA to create a holistic logistics chain in this region, and make this cooperation a success.”
The commencement of operations is expected in 4Q 2015 and the partnership will further strengthen shipping, maritime, terminal and logistics related areas between Singapore and Guangxi, forming an important entry connecting the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.
PSA Singapore is the world leading global port groups with its headquarter situated in Singapore and own by Temasek Holdings.
Pacific International Lines (PIL) is the largest privately-held container shipping firm in Southeast Asia. Mr S.S Teo is the Managing Director for PIL and Chairman of Singapore Business Federation. PIL is also the world third largest shipowner in the number of vessels owned and has 24 offices in China including container manufacturing, depots, terminals and logistics services. The world 18th top containership operator offers container liner and multi-purposes services at over 500 locations in 100 countries with more than 17,000 employees worldwide and run regular multi-purpose service from Far East to West/South/East Africa by using owned and chartered fleet. The vast services offer in China encompass the “One Belt, One Road” strategic region and have trading network in Shanghai, Ningbo Zhoushan, Quanzhou, Guangxi, Zhuhai, Hong Kong and Macau. These are the biggest city in the “21st- Century Maritime Silk Road”.
PIL have a long history with China when it began operations in 1967 with China as the main business focus and have high regards in co-operating with local businesses. In recent years, PIL has been introducing new shipping routes to service Guangxi, Beibu Gulf to South-Western hinterland, boosting business development.
To promote the import and export growth in Guangxi and satisfy the growing customers demand, PIL launched a full container liner service in June 2011. The firm is the only shipping company in the Beibu Gulf to offer two weekly service. One of them is North Vietnam Service (NVS) which journey over Beibu Gulf Fangcheng- Vietnam Central North –Singapore and the Semarang Vietnam China Service (SVC) that passes through Ho Chi Minh, Vietnam to Semarang in Indonesia. PIL also provide MPS break bulk services. The shipping company’s ten percent share in Guangxi include transporting predominately frozen products, construction materials, chemicals, fertilizers, minerals and dangerous goods.