Maersk Sealand has already started shifting operations from Singapore to one of Southeast Asia's most strategically located transshipment hubs, PTP in Malaysia. By December this year it is expected that the changeover will be complete.

The shift will see PTP gaining a guaranteed annual volume of 2 million TEU in the year 2001. This volume does not yet factor in the volumes by additional feeder lines that are now also in negotiations with PTP for Southeast Asian and South Asian routes.

The deal, which was finalised on August 17, saw Maersk Sealand buying 30 per cent equity from PTP's holding company, Seaport Terminal. The equity deal now sees Seaport with a 70 per cent stake in PTP and Maersk Sealand with 30 per cent. Seaport Terminal had earlier bought back a 40 per cent stake in PTP from Khazanah Nasional, the investment arm of the government. Khazanah bought the 40 per cent stake in PTP from Seaport Terminal in August 1998.

The coverage of PTP will be enhanced with the introduction of a high frequency shuttle feeder service, which will be controlled and managed by Maersk Sealand. This service will see cargo being shuttled from Singapore for transshipment at PTP, offering at least 11 connections per week.