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Wednesday, 21 March 2018

PSA Comments on its TEU Increase for 2017

The head executives of Singapore-based PSA International (PSA), one of the world's largest port operators, have commented on its 2017 financials, which resulted in its terminals handling a total of 74.24 million TEU for the year ended 31 December 2017, representing an increase of 9.8% from the previous year.

PSA’s flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9.0% over 2016.

Its terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016.

PSA Group’s revenue also rose, increasing by 7.8%, with profit from operations growing 5.0% compared to the previous year.

Overall net profit for the year was 5.1% higher at $1.23 billion.

Fock Siew Wah, Group Chairman, PSA International, said: “Despite the social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber attacks on certain entities in 2017, PSA managed to continue a growth trajectory, performing creditably due in no small part to a resurgent global economy that appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances which hub their shipping services in many PSA terminals.

“Looking ahead in 2018 and into the future, the world and our industry will continue to be buffeted by an inexorable range and accelerating pace of transformation and disruptions in the way goods are produced, sold, transported and used.

“These changes present us with both challenges and opportunities. PSA will continue to work closely with its partners and customers to tap the relevant technologies, develop innovative solutions that facilitate trade flow and improve processes, and co-create business models that will bring sustained benefits and value to all stakeholders in the global supply chain.”

Tan Chong Meng, Group CEO, PSA International, commented: “2017 ended on a relatively positive note as global container throughput had its strongest showing since 2011, aided by stronger economic growth in many countries.

“The frenzied container liner shipping consolidation in 2016, which percolated into service deployment changes in 2017, also contributed towards PSA's group throughput for the year.

“Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive.

“As we witness the current wave of digitalisation and acknowledge the increasing quest for cargo flow visibility, we believe PSA can work with our customers and partners to create a new suite of solutions that exploit the opportunities which digitalisation offers, taking advantage of the fact that PSA already operates at key nodes of global trade and supply chains.”

March 20, 2018 by Port Technology

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