PSA International Pte Ltd (PSA) handled 74.24 million Twenty-foot Equivalent Units (TEUs) of containers at its port projects around the world for the year ending 31 December 2017. The Group’s volume increased by 9.8% over 2016, with flagship PSA Singapore Terminals contributing 33.35 million TEUs (+9.0%) and PSA terminals outside Singapore handling 40.89 million TEUs (+10.4%).
Mr Tan Chong Meng, Group CEO of PSA, said, “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. The word ‘disruption’ has moved from being a buzzword to being the norm for most industries, reflecting the accelerated pace of change and leaving no industry untouched.
As a Group, PSA has demonstrated resilience and performed reasonably well against the challenging backdrop and tough competition. Amid the many business and technological forces and IT security threats buffeting us, we remain unwaveringly committed to our core focus of adapting to and pre-empting the changing needs of our shipping line customers. In addition, we are also preparing for a future where logistics and supply chain needs are transformed by new technology, trade, manufacturing and e-commerce dynamics.
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. PSA Management, Unions and Staff will continue to journey closely alongside our customers and partners as we contribute to the shaping of our industry amidst the widening ripples of change. Together, with confidence and for a better future.”