PSA International Marks Spike in Annual Container Volumes
- Business & Finance
Singapore based port operator PSA International handled 65.44 million Twenty-foot Equivalent Units (TEUs) of containers at its port projects around the world in 2014.
The company’s volume increased by 5.8% over 2013 with PSA Singapore Terminals contributing 33.55 million TEUs (+4.1%) and PSA terminals outside Singapore handling 31.89 million TEUs (+7.8%).
Tan Chong Meng, Group CEO of PSA, said: “Last year was challenging for the shipping and port industry. Global trade growth was modest and that, coupled with the introduction of many mega vessels, resulted in overcapacity and low freight rates for liner carriers. The increasingly large ships and complex alliances have also led to much greater operational demands being placed on port operators; this is a structural shift which will impact all ports as ships across all shipping routes continue to upsize.”