COSCO Shipping Ports Ltd and PSA Corporation have signed a memorandum of understanding to develop two new berths at their Cosco-PSA Terminal in Singapore, raising the number of berths to five for a total annual container handling capacity of five million TEU, up from three million TEU at present. "The new berths will strengthen CSP's presence in Singapore and support the needs of Cosco Shipping group with the advent of mega-vessels and mega-alliances in the shipping industry. Established in 2003, the joint venture terminal by Cosco Shipping Ports and PSA has served as a major hub for container shipping in the region," an official statement said. The new berths, like the existing three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements and increased productivity. Cosco Shipping Ports managing director Zhang Wei said: "The Cosco-PSA Terminal is our major investment in Southeast Asia. With the continuous support from parent company and shipping alliance, volume of the terminal continues to grow. "The addition of the two new berths will enable us to secure more volume from the parent company and shipping alliances by providing them with high efficiency services. As our major hub port for transshipment in Southeast Asia, the expansion in the terminal will facilitate us to capture more volume from the new global trade momentum in the region." PSA International CEO Ong Kim Pong added: "PSA is honoured by the trust that CSP has placed in us to serve as their main hub port for container transshipment in Southeast Asia. With their continued support and confidence in PSA, we will strive to augment their strategic presence in Singapore."