PSA posts 9.1% rise in TEUs handled last year

PSA International handled 81 million twenty-foot equivalent units (TEUs) of containers at its port projects around the world for the year ending Dec 31, 2018, up 9.1 per cent from a year ago.

The group's volume increased by 9.1 per cent from 2017, with flagship PSA Singapore contributing 36.31 million TEUs - up by 8.9 per cent - and PSA terminals outside Singapore handling 44.69 million TEUs, an increase of 9.3 per cent.

PSA group chief executive Tan Chong Meng said in a statement that 2018 was a "dual speed year" for the leading global port group.

"The slow but steady pace of global container trade growth continued, despite geo-political shifts and rising trade barriers," he added.

"At the same time, there was a surge in digitalisation activities within the global supply chain which promised better visibility and efficiency, while the industry continues to grapple with issues of data standardisation and collaboration."

Mr Tan said that against this backdrop, PSA Group has achieved good volume growth.

He thanked customers and partners for their support, as well as unions, staff and management for their dedication, including handling the "increased complexity and operational demands from the new state of shipping alliances with aplomb".

"As we run full speed into 2019, we at PSA are excited about the opportunities and challenges ahead in this age of disruptions," he said.

SLOW BUT STEADY GROWTH

The slow but steady pace of global container trade growth continued, despite geo-political shifts and rising trade barriers.

PSA GROUP CEO TAN CHONG MENG

Mr Tan also said PSA will continue to build on its global network of ports while leading the charge towards co-creating an Internet of Logistics - a plug-and-play ecosystem that links up a mesh of communities through interoperability, and which allows it to innovate boldly.

The group plans to stretch its capabilities to realise its vision of a truly connected and transformed global supply chain, he added.

PSA participates in around 40 terminals in 16 countries across Asia, Europe and the Americas, with flagship operations in PSA Singapore Terminals and PSA Antwerp.


Correction note: This article has been updated to reflect the correct percentage increase of the volume handled by PSA last year. We are sorry for the error.

A version of this article appeared in the print edition of The Straits Times on January 16, 2019, with the headline 'PSA posts 7% rise in TEUs handled last year'. Print Edition | Subscribe