Saturday, June 8, 2024
Saturday, June 8, 2024
Home » PTP to Invest RM3b for Additional TEU Capacity

PTP to Invest RM3b for Additional TEU Capacity

by Brayden Avery
0 comment


PORT of Tanjung Pelepas (PTP) plans to invest RM3 billion over the next five years in creating an additional 3.5 million twenty-foot equivalent units (TEUs) in capacity.

It currently has a capacity of 13 million TEU.

PTP CEO Marco Neelsen said the port needs more yards, 32.374ha of free zone land, a lot of equipment replacement and upgrading, and look to build another 450m of berth.

Besides adding more TEU capacity, the expansion also saves concrete and steel by allowing automation to push more volume through the same footprints.

PTP is currently completing the second phase of free zone expansion called Tanjung Adang, which was initiated in 2020.

The reclamation and development of 32.37ha of land open up a total of 40.47ha of land.

It is scheduled to be completed in the second quarter of 2023 (2Q23) and is currently at 85% completion.

Once completed, it will be ideal for warehousing, with a focus on major regional distribution hubs.

On the other hand, Phase 3 of its expansion is expected to commence in 2025 which targets completion in 2028.

PTP’s total acreage is divided into five phases. Phase 1 has 70.01ha, followed by Phase 2 (100.36ha) + Phase 2c (32.78 hectares), Phase 3 (67.99ha), Phase 4 (84.17ha) and Phase 5 (78.51ha).

“When people talk about China+1, the space constraints in Singapore, and building the second half of South-East Asia, we do feel much interest in companies settling in Malaysia, especially with foreign direct investments coming into the country.

“Settling around the port would be an obvious option, especially for a company with a high container amount and a lot of ship movement, which is a very interesting proposition.

“Another reason to be around the port is also the environmental, social, and governance (ESG), because the further they are from the port, the more tracking to be done. It makes sense to be as close as possible to the port,” Neelsen concluded.

Source : Malaysian Reserve

You may also like

Soledad is the Best Newspaper and Magazine WordPress Theme with tons of options and demos ready to import. This theme is perfect for blogs and excellent for online stores, news, magazine or review sites. Buy Soledad now!

Vestitor News, A Media Company – All Right Reserved.