PTP And MISC Ink Deal To Set Up JV

KUALA LUMPUR, April 29 (Bernama) -- Malaysia's leading container port, Port of Tanjung Pelepas (PTP), and shipping company MISC Bhd, Tuesday signed an agreement to set up a joint venture company to serve MISC and other shipping lines.

PTP will hold a 70 percent majority stake in the joint venture company while MISC the remaining 30 percent, PTP said in a statement here.

MISC will now be the third major shipping line to use PTP as their hub in the region following Maersk and Evergreen's move to PTP in 2000 and 2002, respectively, it added.

Its chief executive Harun Johari said the deal would contribute towards PTP rapid growth and enhance the port's connectivity by at least 20 percent, while MISC said the agreement will benefit them 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.

"Cargo owners from the southern parts of Malaysia will benefit from the direct calls offered by MISC to various destination ports globally," said MISC.