PSA announced improved throughput performance in 2014

SINGAPORE - PSA International (PSA) announced Monday that its terminals in Singapore handled a total of 33.55 million 20-foot container equivalent unit (TEU) in 2014, which marks a 4.1 per cent on-year increase in throughput.

Globally, the port operator saw its total throughput volume jump by 5.8 per cent last year to 65.44 TEUs, even as economic slowdown continues to pressure demand for shipping.

Announcing these latest figures, PSA chief executive Tan Chong Meng said: "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… Amidst the challenging backdrop, the PSA Group has put in a credible performance."

Despite the growth, Singapore remains second behind Shanghai, which retained the titles as the world's busiest container port for a fifth straight year in 2014. Last year, Shanghai port terminals handled around 35.29 million TEUs in annual throughput, further widening its gap with Singapore from around 1 million TEUs in 2013.