Cosco Shipping Joint Venture Signs MOU with PSA Port Ecosystem for Potential Tuas Warehouse Development

TigerNews SG

09/10

A joint venture company affiliated with Cosco Shipping International has signed a memorandum of understanding (MOU) alongside PSA Port Ecosystem (PSA) and two additional partners for the potential development of a warehouse facility known as PSA Supply Chain Hub @ Tuas.

The joint venture, partnering with Supply Fortune Limited and Goldlead Supply Chain Development, aims to develop a regional distribution facility in Singapore that would cater to Southeast Asian and broader Asian markets, with operations primarily focused on regional transshipment activities.

Cosco Shipping emphasized that the MOU establishes no legally binding commitments among the participating parties and does not guarantee the execution of any final agreement regarding the proposed collaboration.

Cosco Shipping shares gained 0.3 cents, representing a 2.479% increase, to close at 12.4 cents on September 5.

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