Malaysia's Port of Tanjung Pelepas (PTP) and international shipping company, MISC Berhad, have signed an agreement that paves the way for the establishment of a joint venture company to serve MISC and other shipping lines that call at the fast growing port.
Under the terms of the agreement, PTP will hold a 70 per cent majority stake in the JV with the Malaysian container shipping line holding the remaining 30 per cent. The deal means that MISC will become the third major carrier to use PTP as its hub in the region, after Maersk and Evergreen moved to PTP in 2000 and 2002 respectively.
MISC said that the agreement with PTP would benefit the shipping company greatly. "Besides being within Iskandar Malaysia which promises a growing hinterland cargo, PTP is also strategically located at the confluence of the world's shipping lanes, and this is a crucial factor for our transshipment operations," MISC was cited as saying in a statement from PTP authorities.
PTP recorded 14 per cent growth and throughput of 5.5 million TEU in 2007, up from 4.8 million TEU the previous year. The container port currently offers 10 berths of 360 metres each, totalling 3.6 kilometres in length, with an annual handling capacity of eight million TEU.
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