SAIGON PORT AND PSA MARINE FORM TOWAGE JOINT VENTURE - 06/03/2009

Saigon Port Company Limited and PSA Marine Vietnam Pte. Ltd., a wholly-owned subsidiary of PSA Marine (Pte) Ltd, today signed a joint venture contract to form SP-PSAM Tugboat Company Limited (SP-PSAM). The new joint venture will provide towage services to vessels calling Ba Ria Vung Tau Province and support the large number of new port developments in the province.

SP-PSAM will be operational by the end of May 2009 with two tugboats capable of handling large container ships. SP-PSAM will increase its fleet as demand for towage services increases with the progressive commissioning of more terminals in the area.

Mr Le Cong Minh, General Director of Saigon Port said, "Saigon Port is proud to be the partner of both PSA International and PSA Marine in provi