USD 1.1 Bn Deal for Tuas Terminal II Inked in Singapore

The USD 1.1 bn agreement for the second stage of development of the Tuas Terminal was signed in Singapore today during the Singapore Maritime Technology Conference (SMTC).

The agreement was inked by a consortium made up of Japanese construction company Penta Ocean, its South Korean counterpart Hyundai Engineering & Construction Company and dredging company Royal Boskalis Westminster from the Netherlands.

With Phase I well underway, this second phase of development will increase the total port capacity by another 21 million TEUs by 2027, MPA Singapore said.

The work activities under the second stage of the terminal development include the design and construction of 387 hectares of reclaimed land bounded by 9.1km of caisson walls.

“The latest innovations and technologies, such as E-cranes and reclaimer barges, will be employed to maximize the use of dredged materials for filling above sea level,” the port authority said.

When fully developed by the 2040s, Tuas Terminal will be able to handle up to up to 65 million TEUs annually.

The conference hosted the signing of five MOUs and two agreements between MPA and local and international partners today.

“We are glad to have like-minded partners who strongly believe in the importance of digitalization, technology and innovation. These MOUs will help us to take the maritime sector to a new level of development in areas such as automation, data analytics, intelligent systems and cybersecurity. Along with support for maritime start-ups, MPA hopes to create an enabling environment for both existing and new players to co-exist side by side as part of a vibrant innovative cluster. That way, Maritime Singapore will be able to stay ahead of the curve as a world-class hub port and international maritime center,” Andrew Tan, Chief Executive of MPA, said.

Aside to the Tuas Terminal development deal, MPA Singapore renewed its MOU with the Research Council of Norway (RCN) for the seventh term for three years till 2021.

In addition, the port authority partnered up the Finnish technology group Wärtsilä Corporation to promote the development of maritime technologies in the areas of digital acceleration, cyber-physical security and intelligent vessel and port operations.

Further, MPA will be teaming with Keppel Offshore & Marine (Keppel O&M) and the Technology Centre for Offshore and Marine Singapore (TCOMS) to jointly develop autonomous vessels.

The Singapore port authority has also inked a Memorandum of Intent with eight classification societies on the development of the Singapore Maritime Data Hub (SG-MDH).

The eight classification societies are American Bureau of Shipping (ABS), Bureau Veritas (BV), China Classification Society (CCS), DNV GL, Korean Register of Shipping (KRS), Lloyd’s Register of Shipping (LRS), Nippon Kaiji Kyokai (NKK) and Registro Italiano Navale (RINA). All eight are members of the International Association of Classification Societies (IACS).

Finally, the port authority announced that it will be launching the MINT Fund Call for Proposals and the Smart Port Challenge in June 2018.

Image Courtesy: MPA Singapore, Wartsila