Singapore-headquartered port operator PSA International saw an increase of 5.5% in volumes as a total of 67.63 million TEUs of containers were handled at its port projects around the world for the year ending December 31, 2016.
The group’s flagship PSA Singapore Terminals contributed 30.59 million TEUs, representing a decrease of 0.1%, while PSA terminals outside Singapore handled 37.04 million TEUs, a rise of 10.6%.
“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,” Tan Chong Meng, Group CEO of PSA, said, adding that the PSA Group managed to achieve positive growth “against this unsettling landscape.”
Meng said that the tough business environment is likely to continue into 2017, while the group 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,” he said.