A.P. Moller-Maersk will honor a contract between P&O Nedlloyd and PSA International, the terminal operator at the Port of Singapore.
"We made a commitment when we bought P&O to honor P&O's contracts and one contract is the P&O contract with PSA," Maersk Singapore Chief Executive Thomas Orting Jorgensen said at a briefing Wednesday, and reported by Dow Jones.
Jorgensen did not disclose details of the pact other than saying the term is "for a number of years."
Maersk shifted its regional hub from Singapore to Tanjung Pelepas in neighboring Malaysia in 2000. In 2005 it acquired P&O Nedlloyd, which moves an estimated 1.5 million TEUs through PSA ports.