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Fake news about Chinese port investments here isit?

In China, Economy, Infrastructure, Logistics, Shipping on 19/01/2017 at 5:25 am

Recently the anti-PAP cybernuts have been gleefully predicting the economic demise of S’pore what with a recent spate of reports on Chinese initiatives

— China and M’sia to build a major port in Malacca;
—  China was looking to build the Kra Canal; and
— the first freight train to make the journey to the UK.
They are saying part China wants to take business away from our port ha, ha ha.
One Eugene Tavano has been particularly vocal on TRE especially on the freight train service, not realising are already regular train services* to Germany (and Spain I think), which have not affected S’pore’s port. But then cybernuts are like that: blur factually. Think Tan Jee Say (who compares our economy unfavourably with that of PeenoyLand instead of with HK, Taiwan or  South Korea), and Philip Ang and Roy Ngerng (on our reserves etc).
Eugene Tavano (What a Peenoy sounding name: FT here?) is also been very vocal on the M’sian port.
So maybe they know that the u/m is “fake” news? But when another cybernut posted links on Facebook about the M’sian port and Kra canal projects, gleefully predicting gloom for S’pore. I posted the u/m link on Chinese investment here and asked if was fake news? No response.
Most likely then the nuts don’t seem to realise that there’s a 2016 Chinese agreeement to invest in three new megaberths here which will ensure S’pore maintains its global ranking.

Hong Kong-based COSCO Pacific and PSA Singapore have signed a new investment agreement in Shanghai, China today to co-invest in three new mega berths at the Phases 3 and 4 expansion of the Pasir Panjang Terminal which was opened last year.

The investment will be implemented through a joint venture Cosco-PSA Terminal (CPT) and allow for the arrival of mega container ships at the new container berths in anticipation of trade growth and growth in size of boxships plying the international waters.

The new mega berths are slated to begin operations from 2017. According to PSA, they will be fully integrated with PSA’s infrastructure and supported by the automated and intelligent port technologies.

The co-investment agreement is strategically important to both partners and will help them up their competitive game. It is also a clear demonstration of China COSCO Shipping’s confidence in Singapore as a well-connected transhipment hub. I believe the project will also contribute positively to China’s Maritime Silk Road initiative and “One Belt, One Road” vision,” said Singapore’s Senior Minister of State for Finance and Transport, Josephine Teo.

COSCO Pacific is a subsidiary of China COSCO Shipping, which was formed following the merger of China‬’s two largest shipping companies, COSCO Group and China Shipping Group. The merger created the 4th largest container shipping line in the world.

Cosco Pacific and PSA formed Cosco-PSA Terminal Pte Ltd (CPT) in 2003 to manage and operate two berths at Pasir Panjang Terminal.

http://worldmaritimenews.com/archives/187056/cosco-pacific-psa-to-invest-in-mega-berths-in-singapore/

*Update at 2.00pm: The UK’s biggest supermarket, Tesco, doesn’t have any goods on this particular train but does use rail to carry toys, electrical goods, homeware and clothing from China to European rail hubs such as Bratislava in Slovakia and Krasnaje in Belarus.

BBC report

 

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  1. Well there’s quite a few Melaka port and Kra Canal doomsday sayers out there these days.

    Question is, if these fellows are so sure we are heading for economic doom, what do these cybernuts encourage us to do? Any plans for migration? Try escaping to the west like Amos? Or to HK like GMS?

    Seems like in the end, the elites and socially mobile are the ones who will have a way out. Cybernuts and other born losers will be the ones that sit with the sandcastles as the tide comes in.

    Or maybe we will ride the storm after all, and then Phillip Ang and co can move on to the next imagined grievance or crisis and continue their miserable life of banging balls and pulling one’s hair out.

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