Container Volumes Drop at PSA International

Singapore-headquartered port operator PSA International has seen a slight drop in its container volumes as it handled a total of 64.1 million TEUs in 2015, 2 percent less than a year earlier.

The port operator’s flagship Singapore Terminals contributed with 30.6 million TEUs (-8.7%) and PSA terminals outside Singapore delivered a total throughput of 33.48 million TEUs (+5%).

“In 2015, the unusual volatility that persisted in the global marketplace caused a general loss of confidence on all fronts. The container shipping industry was not spared as it grappled with softening trade and demand, excess tonnage capacity and depressed freight rates. Amidst this troubling economic landscape, and despite anticipating and preparing for the then oncoming storm, PSA was nevertheless adversely affected albeit to a lesser extent than would be otherwise,” Fock Siew Wah, Group Chairman, PSA International, said.

“The ongoing turbulence and decline of market confidence will undoubtedly test our mettle but we remain undaunted,” he added.

PSA Group said that its revenue declined by 6.7%, while profit from operations dropped by 9.3% due to lower volumes and higher depreciation.

The operator reported its overall net profit for 2015 at USD 934.3 million, 9.5% lower than in 2014.

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.

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