| Friday 25 May 2007 - PSA enters into joint venture with International Port Holdings |
| On the 25th of May 2007, PSA International and International Port Holdings (IPH) announced the formation of a joint-venture company to operate a short sea container terminal at the Great Yarmouth Port. |
| PSA will hold 60% of the shares, IPH 40%. |
| The operational rights of the terminal have been granted for a period of 30 years, extendable for another 30 years. |
| PSA International and IPH, through the joint venture company, plan to invest over £30M to develop the first phase of the terminal. |
| This first phase is projected to be operational in late 2008. The terminal will then have a quay length of 200 meter and a terminal area of 12 ha. The yearly capacity will be 250.000 TEU. |
| In a second phase, the quay length and the terminal capacity can be doubled. |
| The joint venture will become effective after approval by the relevant competition authorities. |
| Pierre Timmermans, CEO PSA Europe said, “There’s a growing demand for feeder and shortsea capacity in the UK. The Great Yarmouth Port offering the lowest transit times from the Northern European mainland is ideally located. By starting a short sea container terminal in this port, we can offer our customers a fast, congestion free entry to the UK hinterland.” |
| Alistair Baillie, Chairman of IPH, commented, “We are very pleased to have now concluded the overall transaction with the Great Yarmouth Port Authority. The construction of the outer harbour will now commence and is scheduled to be completed in autumn 2008. We welcome the joint venture with PSA to develop a short sea terminal in the port.” |
| BACKGROUND |
| About PSA International |
| PSA International is one of the leading global port groups. With its flagship operations in PSA Singapore Terminals and PSA HNN, PSA participates in 26 port projects in 15 countries across Asia, Europe and the Americas. Employing the finest talents in the industry, PSA delivers reliable and best-in-class service to its customers and develops win-win relationships with its partners. As the port operator of choice in the world's gateway hubs, PSA is “The World's Port of Call”. For three consecutive years since 2005, PSA International has been voted “Best Global Container Terminal Operator” at the Asian Freight & Supply Chain Awards. In 2006, PSA handled 51.3 million TEU of containers worldwide. Please visit us at www.internationalpsa.com. |
| About International Port Holdings |
| International Port Holdings was formed last year by Alistair Baillie who was previously the Chief Operating Officer of P&O’s international port division and Eliza O’Toole whose city legal career was major infrastructure, strategic project and regeneration focused. IPH’s strategy is to purchase and invest in smaller port operating assets on a global basis with strong growth prospects, and in some cases, potential for development. |