“Portugal and Singapore have both stood at the crossroads of busy sea lanes connecting Asia and Europe. PSA Sines is situated in a strategic location and is positioned to be an important transshipment hub in Europe,” said Dr. Vivian Balakrishnan, Singapore’s foreign minister, who is a guest of honour at the inauguration ceremony.
“This expansion demonstrates our strong partnership as two like-minded states, united in maintaining free trade, economic integration, freedom of navigation, and compliance with international law”, he added.
Portugal Invites Japanese Companies to Bid for New Terminal at Port of Sines
PSA Sines noted that since the start of the works for the terminal in 2000, it has invested more than USD 207 million in developing the facility. PSA Sines has embarked on an ambitious expansion project at a cost of USD309m, called Phase III.
The Phase III expansion plan is expected to be fully completed by 2028, doubling the terminal’s annual handling capacity to 4.1 million twenty-foot equivalent units (TEUs) — and boosting its position as one of the major ports in the region.
Portuguese Port of Sines delays new EUR 600 million terminal project for 1 year
“The Phase III expansion will further strengthen PSA Sines’ position as one of the main ports in the region, as well as facilitate the increase in cargo volume to meet the growing needs of our customers”, PSA Sines said.
David Yang, CEO of PSA EuroMed & The Americas, for his part, noted that PSA has always believed that the port of Sines, with a deep-water port strategically located at the intersection of the North-South, and East-West routes, offers a unique opportunity for the successful development of a best-in-class container terminal.
“Today, PSA Sines has already exceeded our highest expectations and has become a major regional hub capable of serving the most important shipping routes and receiving the largest container ships,” Yang added.
