Port of Tanjung Pelepas (PTP) today said it was confident of repeating last year's growth of 30 percent and has embarked on an expansion program to lure more investors.

PTP, which is in Johor just across the narrow Tebrau Strait from Singapore, handled 2.66 million twenty-foot equivalent units (TEU) last year, up 30 percent from 2001 and surpassing its own estimate of 2.5 million TEUs.

Transhipment containers made up 95 percent of last year's volume, while five percent was local exports and imports, it said in a statement.

PTP attributed the strong growth to new markets for cargo and its success in luring Denmark's Maersk Sealand and Taiwan's Evergreen Marine to shift their regional hubs from Singapore to PTP.

New berths under construction

Chief executive Sidik Shaik Osman said the growth, amid volatile economic conditions, moved PTP closer to its target of being the premier transshipment centre in the region.

"On targets for year 2003, PTP is confident of achieving a further 30 percent year-on-year growth," the statement said.

The port has begun its phase two construction, which involves dredging and reclamation for another eight berths and the construction of two new berths, which will enable it to handle six million TEUs annually by early 2004.

Sidik said the port aimed to aggressively woo investors to its industrial free zone park, set to be launched this year.

PTP's growing competitiveness has prompted Singapore to overhaul its shipping strategy, including cutting handling fees and offering shipping lines the opportunity to run their own berths. — AFP