Port of Tanjung Pelepas on track to achieving 9.2 mil TEUs container volume for 2015

Johor-based Port of Tanjung Pelepas (PTP), a 70%-owned subsidiary of MMC Corp Bhd, is en route to achieving its total container volume target of 9.2 million twenty-foot equivalent units (TEUs) for 2015 after hitting a record 800,000 TEUs in August.

With the August record, PTP said in a statement today it has strengthened its position as the busiest port in the country while registering a growth of 8.9% in the first eight months of this year compared to the corresponding period last year.

It did not disclose the first eight months’ figure, but based on the growth rate above, it is estimated that the port recorded about six million TEUs for the period, compared to about 5.5 million seen in the same period last year.

The total container volume it handled for the whole of last year was 8.5 million TEUs, making it the first port in Malaysia to achieve the record.

In the same statement, PTP chief executive officer Glen Hilton said positive improvements on productivity in container operations and better optimisation of resources were the main reasons for the latest breakthrough.
“With the strong support from PTP’s existing customers as well as volume from new customers, we are confident that PTP is on track to continue significant growth,” said Hilton.

PTP, which is a joint venture between tycoon Tan Sri Syed Mokhtar Al-Bukhari’s MMC Corp and Maersk Line Ltd’s global ports group APM Terminals (30%), has completed phase two of its master plan through a recent expansion.

The expansion involved the building of two new berths, three blocks of container yards, procurement of new quay cranes and electrifying existing rubber-tyred gantries.

“The expansion provides PTP with an additional 720 metres of quay length and subsequently raises its annual handling capacity by 25% to 10.5 million TEUs,” it said.

As the country’s largest container terminal, PTP caters to major shipping lines and box operators, providing shippers in Malaysia and abroad extensive connectivity to the global market.

MMC Corp closed at RM2.01 today, up 5 sen, for a market capitalisation of RM5.97 billion. Year-to-date, the stock has fallen 15.9%.