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COSCO SHIPPING Ports and PSA Corporation have signed a memorandum of understanding for two new berths adjunction at their Singapore joint venture terminal.

With the launch of the two new berths, COSCO PSA Terminal will be equipped with five mega-vessel berths, increasing its annual handling capacity from 3 million TEUs of the current three berths to about 5 million TEUs.

The new berths along with current three berths, will be supported by automated yard technology at Pasir Panjang Terminals, allowing for more efficient berthing arrangements, and enabling the terminal to increase productivity and greatly enhance its service capability and quality.

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 megaalliances in the shipping industry, the company said.

The Jacksonville Port Authority (JAXPORT) has received additional USD 46 million from the U.S. Army Corps of Engineers for the Jacksonville Harbor deep draft navigation project.

The 47-foot deepening project will enable mega-sized container vessels to enter the port, thus allowing higher volumes of cargo to be handled at the Jacksonville Port.

This funding comes in addition to the USD 50 million allocated to JAXPORT for the project over the past two fiscal years.

 “JAXPORT recently became the largest port by container volume in the state of Florida. As a driver of regional economic activity and a strategically important national security infrastructure asset, we must continue to build upon this tremendous growth by enhancing the international competitiveness of JAXPORT,” Congressman John Rutherford said.