Singapore PSA handles lower container volume in 2015 on weak global trade

PSA International Pte Ltd (PSA) said on Thursday that it handled 64.10 million Twenty-foot Equivalent Units (TEUs) of containers at its port projects around the world for the year ended Dec 31, 2015, down 2 per cent from the previous year.

Flagship PSA Singapore Terminals saw an 8.7 per cent decline in volume handled, contributing 30.62 million TEUs, while PSA terminals outside Singapore enjoyed a 5 per cent growth, handling 33.48 million TEUs.

"2015 was generally a tough year with weak trade growth reflecting unsteady global economic conditions. As such, we recorded lower overall throughput on a year-on-year basis, arising from volume reductions in a few of our terminals," Tan Chong Meng, group CEO of PSA, said.

Mr Tan said trade in the second half of the year was particularly lacklustre, and that added to the pressures that were already building up due to structural shifts such as ship upsizing, sustained overcapacity, changes in liner alliancing, and the effect of prolonged lower oil prices.

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.