Hanjin and PSA sign terminal agreement to continue long-term partnership

Hanjin Shipping and PSA Corporation have renewed their Terminal Agreement, reaffirming their long-term partnership. Signing on behalf of Hanjin Shipping was Mr. Dong Soo Park, Managing Director, Hanjin Singapore and for PSA Corporation, Mr. Ng Chee Keong, Group President. Present at the ceremony were Dr. Yeo Ning Hong, Chairman, PSA Corporation Ltd, and officials from both companies. The Terminal Agreement is an exclusive long-term agreement that PSA offers to shipping lines hubbing in Singapore. Under the Terminal Agreement, PSA will offer Hanjin a suite of services that is customised to Hanjin's requirements; PSA will accord priority and preferential treatment to Hanjin's vessels, e.g. berth-on-arrival, guaranteed productivity and service levels. Mr Sooho Cho, Vice-Chairman and CEO of Hanjin Shipping, said, "Hanjin is pleased to continue its long-term partnership with PSA. With this Terminal Agreement, we are assured of consistent high quality service from PSA. Together with the business-friendly environment in Singapore, Hanjin is confident of a successful partnership that will bear much fruit." Mr Dong Soo Park, Managing Director, Hanjin Singapore, said, "Hanjin is constantly reviewing our service levels to our customers and our total costs of operations. The Terminal Agreement promises a product that best supports Hanjin's business strategy. Apart from the efficient service levels facilitated by the innovative IT solutions, the comprehensive feeder network at PSA provides the requisite market access for our customers. With every major shipping line calling at PSA, Hanjin also enjoys more opportunities to form partnerships, and hence, increase load factors. Recent developments such as the celebratory package signal a more competitive and market-driven PSA. The extensive connectivity and excellent level of service provided by PSA more than make up for the premium we pay. A long-term relationship is the basic philosophy of our two companies." Said Dr Yeo Ning Hong, Chairman, PSA Corporation Ltd: "I would like to thank Mr Sooho Cho and Hanjin Shipping for their continued support and patronage of PSA. Hanjin and PSA have been strategic partners for more than two decades, and such an enduring partnership is only possible with a win-win relationship for both parties. PSA is committed to provide Hanjin with the most competitive service levels to meet Hanjin's requirements. PSA will continue to work closely with Hanjin to deliver quality service levels and make Singapore a more attractive port of call for Hanjin."