Singapore-based PSA International said it handled 67.63 million TEUs at its port projects around the world for the year ending December 31, 2016, a 5.5% expansion over 2015.
Flagship PSA Singapore Terminals contributed 30.59 million TEUs to the total volume, a decline of 0.1%. On the other hand, PSA terminals outside Singapore handled 37.04 million TEUs, up 10.6% year-on-year.
Tan Chong Meng, group CEO of PSA, said: “2016 served up another difficult year for the port and shipping industry. We had to grapple with sluggish global trade, weak demand for container shipment, sustained excess shipping capacity and depressed freight rates.”
He added: “The tough business environment is likely to continue into 2017 but that is not the whole story. We may witness more system-wide changes brought on by the convergence of slow market growth, emerging technologies and new business needs. Rapid consolidations in the container liner industry are giving rise to uncertainties as well as opportunities. New shipping service deployments and products will hit the market, demanding adjustments and adaptations by not only terminal operators, but players big and small in the global supply chain.”
The executive said these challenges will spur PSA to be more focused on its customers’ needs, more innovative in its pursuit of win-win solutions and more united as a workforce.
PSA participates in around 40 terminals in 16 countries across Asia, Europe, and the Americas with flagship operations in PSA Singapore Terminals and PSA Antwerp.
Photo: William Cho
