PTP, located close to Singapore across the Malacca Strait on the southern tip of peninsular Malaysia, has already lured Maersk Sealand away from Singapore since the terminal’s establishment in 2000. Lower rates at the port and a the holding of a major stake in PTP by a Maersk Sealand sister company were responsible for that move.

 

With the Evergreen switch, PTP has now tempted the two largest container shipping lines in the world across the Strait. It is expected that Evergreen affiliates Uniglory, Lloyd Triestino and newly-formed Hatsu will follow suit.

 

PSA recently reported a 9 per cent drop in container throughput at its Singapore terminals for 2001, to 15.2 million TEU, as well as a 6 per cent drop in operating profit, to US$585 million.

 

PSA has played down the Evergreen move, saying: “The departure by Evergreen is not expected to have a significant impact on PSA’s financial performance as PSA has a diversified customer base and a growing global market with its participation in 13 overseas port projects in eight countries.

 

“PSA regrets that an agreement could not be reached by both parties.”