PSA International Pte Ltd (PSA) handled 65.44 million Twenty-foot Equivalent Units (TEUs) of containers at its port projects around the world for the year ending 31 December 2014. The Group’s volume increased by 5.8% over 2013 with the flagship PSA Singapore Terminals contributing 33.55 million TEUs (+4.1%) and PSA terminals outside Singapore handling 31.89 million TEUs (+7.8%).
Mr 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.
“Amidst this challenging backdrop, the PSA Group has put in a credible performance and I would like to thank the management, staff and unions of PSA for their unwavering dedication and immense contributions. To our customers and partners, I would like to express my deep gratitude and appreciation for their close cooperation and continued patronage which made it all possible.
“For 2015, we will continue to engage our customers and partners worldwide, as we strive to increase our network of terminals alongside them and to become their preferred port partner. We will continue to make the necessary investments to stretch our capabilities and enhance our operational efficiency to serve them as they grow their businesses with us well into the future.”