Container Volumes Keep Rising at PSA International

Singapore-based port operator PSA International handled 9.8 percent more container volumes in 2017, compared to the previous year.

The company recorded a total of 74.24 million TEUs at its port projects around the world for the year ending December 31, 2017.

PSA’s flagship facility, PSA Singapore Terminals contributed 33.35 million TEUs, while terminals outside Singapore handled 40.89 million TEUs, rising by 9 percent and 10.4 percent year-on-year, respectively.

“In 2017, the global economy saw some recovery and bright spots of growth although the shipping industry continued to face challenges as the huge wave of consolidation and alliancing in 2016 began to manifest its full effects operationally,” Tan Chong Meng, Group CEO of PSA, said.

The CEO commented that PSA demonstrated resilience and “performed reasonably well against the challenging backdrop and tough competition.”

“As we sail into 2018, we are cognisant that the world will continue to grapple with uncertainty geopolitically, economically and socially. The way businesses and consumers engage, transact and collaborate continues to evolve, and will have further impact on the form and flow of the global supply chain,” the CEO concluded.