PSA container volume up 5.5% on higher overseas throughput

PSA International handled 67.63 million TEUs (20-foot equivalent unit) of containers at its port projects worldwide, up 5.5 per cent over 2015 mainly on an increase in throughput at its oversea terminals.

Container volume handled by its flagship PSA Singapore terminals was almost flat at 30.59 million TEUs for 2016, dipping just 0.1 per cent from 2015 level.

Throughput at PSA terminals outside Singapore jumped 10.6 per cent to 37.04 million TEUs.

PSA group CEO Tan Chong Meng described 2016 as a difficult year with the port and shipping industry grappling with sluggish global trade, weak container shipment demand and sustained excess shipping capacity.

Thanks to continued patronage from PSA's customers and partners and dedication and hard work of its unions and staff, PSA managed to achieve positive growth, he said.

He projected in 2017, the industry may witness more systemwide changes brought on by the convergence of slow market growth, emerging technologies and new business needs.

"New shipping service deployments and products will hit the market, demanding adjustments and adaptations by not only terminal operators, but players big and small in the global supply chain," he added.

He expressed confidence that PSA will rise to the challenge by focusing on customers' needs, being more innovative in the pursuit of win-win solutions and uniting its workforce.