Worldwide PSA handled 67.63m teu at its terminals a 5.5% increase from 2015. However, all of this growth came from its international business with its flagship Singapore terminals seeing an essentially flat performance with a 0.1% drop in volumes to 30.59m teu last year compared to 2015.
PSA's international business handled 37.04m teu a 10.6% increase over the previous year.
"2016 served up another difficult year for the port and shipping industry. We had to grapple with sluggish global trade, weak demand for container shipment, sustained excess shipping capacity and depressed freight rates,” commented Tan Chong Meng ceo of PSA.
Looking ahead to 2017 Tan sees a complex mix of a continued tough business environment and the impact of liner industry consolidation.
“The tough business environment is likely to continue into 2017 but that is not the whole story. We may witness more system-wide changes brought on by the convergence of slow market growth, emerging technologies and new business needs.
“Rapid consolidations in the container liner industry are giving rise to uncertainties as well as opportunities. 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 said.
In Singapore PSA has benefitted from the acquisition of NOL/APL by CMA CGM with the French line forming a joint venture with the Singapore terminal operator to run four berths at its Pasir Panjang Terminal.
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