According to the source the deal was signed yesterday and it is understood that the move will take place by the end of the summer with PTP receiving an additional volume of 1.2m TEU per year while Evergreen will save up to US$10 million annually.

 

Following the disclosure that the Taiwan-based line was poised to sign an agreement in ci-online last October, the finalisation of the deal was expected early this year.

 

Evergreen, PSA Corp and PTP all refused to confirm that the deal had been signed, though an Evergreen spokesman said the company would not deny it either.

 

Furthermore, PSA chairman Yeo Ning Hong recently commented on the PTP-Evergreen issue, remarking that PSA would not respond by slashing rates that could result in an escalating price war.

 

'Different ports have different strategies. The strategy for a greenfield port is not necessarily appropriate for a port that has a huge cargo base. Our approach is to be focused on our customers' requirements,' he told the local press.

 

15:07 02/04/02 Asia Terminal