Tuas Port Phase 1 occupies 414 hectares (1,000 acres) and will contribute 20 million TEU to the annual handling capacity of Singapore, now the world's largest transshipment port with a capacity of 37.2 million TEU.

The 1,337-hectare (3,302 acres) mega-port, in Singapore's western industrial Tuas estate, is on track to be completed by the 2040s and will be able to handle 65 million TEU a year.

Said Mr Iswaran: "As a global hub, Tuas Port will bring even more value to companies in our international maritime centre and create more jobs for our people."

In anticipation of rising container volumes and the need to redevelop prime areas, Singapore's government announced the Tuas Port development in 2012, the fifth container port to be built since Tanjong Pagar Terminal opened in 1972.

In October, storage facilities in Tuas were opened early to take in containers to ease the logistical bottlenecks plaguing major ports.