PSA handles 81m TEUs in FY2018, up 9.1% year on 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. (see amendment note)

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, which rose 9.3 per cent.

Group CEO of PSA Tan Chong Meng said that 2018 was a "dual speed year".

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

"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."

He continued by saying that PSA Group has achieved good volume growth, and thanked staff for handling the "increased complexity and operational demands from the new state of shipping alliances with aplomb".

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

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.

Amendment note: In an earlier version of the article, it was stated that the volume handled by PSA was up 7 per cent. It was actually up 9.1 per cent.