A JV company of Cosco Shipping International has entered a memorandum of understanding (MOU) with PSA Port Ecosystem (PSA), together with two other companies, for possible collaboration of warehouse building called PSA Supply Chain Hub @ Tuas.
Cosco’s JV, with Supply Fortune Limited, and Goldlead Supply Chain Development are seeking to establish a regional distribution centre in Singapore to serve markets in Southeast Asia and/or Asia, with the bulk volume meant for regional transshipment.
Cosco says that the MOU does not create any legally binding collaboration between parties and may or may not lead to any definitive agreement in relation to the intended collaboration.
Shares in Cosco Shipping closed 0.3 cents higher or 2.479% up at 12.4 cents on Sept 5.
