Against the backdrop of increasingly close trade ties between China and Southeast Asia, Singapore Port Group (PSA Singapore) and Hainan Harbor Holding Co Ltd signed a memorandum of cooperation, which will work together to expand port connectivity between Singapore and China's Yangpu Port and create a more resilient regional supply chain network.
According to the joint statement issued by the two companies on Tuesday (June 17), Yangpu Port is accelerating its transformation into a core portal for Hainan and global trade. This cooperation is expected to open a new trade channel between South China and the wider Southeast Asian Economic Zone, enhance regional port connections and operational efficiency, and help the development goals of Hainan Free Trade Port be implemented.
The guests attending the signing ceremony also included Wan Min, Chairman of China Ocean Shipping Group, Liu Xiaoming, Governor of Hainan Province, Wang Jinbang, President of Singapore International Port Group, and Cai Minghui, Executive Director of Singapore Port Group Container Terminal Business.
Singapore Port Group is the world's largest transshipment port operator, with container processing volume of 40.9 million TEUs in 2024, connecting 600 ports around the world; Hainan Port and Shipping Holdings Co., Ltd. is a subsidiary of China Ocean Shipping Group (COSCO), and is the largest container terminal operator in Hainan Province, China. Its throughput in 2024 reaches 1.8 million TEUs and has more than 50 international routes covering Singapore, Malaysia, Thailand, Australia, the Americas and West Africa.