Psa Corp News

The Maritime and Port Authority (MPA) of Singaporehas announced an additional 10 per cent concession on port dues for container vessels calling in Singapore, with port stays of up to five days, to help the shipping industry tide over the current economic downturn. MPA said that the additional concession will be in place for one year, and will be granted on top of existing port dues concessions such as the Green Port Programme incentives and the 20 per cent concession first introduced in 1996. The additional concession will be effective on Friday. In all, these concessions are expected to amount to more than S$17 million in annual savings for container lines, the MPA said in a media release.

SembCorp Logistics said on Monday it agreed to sell its marine business to PSA Marine, a unit of Singapore port operator PSA Corp, for S$207.5 million ($117 million). The company said in a statement the sale would be satisfied fully in cash and represented about 1.35 times the proforma net tangible assets of the marine services business as at December 31, 2000. The sale of the marine services business (a 62 percent subsidiary of SembCorp Industries) is part of the company's long-term strategy to exit non-core businesses to focus on logistics, it said. The sell-off the company, which comprises harbor and ocean towage services, salvage operations and marine transportation, had long been expected.