South Korean HMM and Singapore's major terminal operator PSA International join forces to establish a company that will ensure the container line's ships a "long-term hubbing certainty" when arriving at the terminals.
The joint venture will be named HPST (HMM-PSA Singapore Terminal Pte Ltd) and is planned to launch before the turn of the year. PSA will be majority owner of the joint company with a 58 percent stake, while the South Korean shipping line will own the remaining 42 percent.
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