Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

5d14af076be42b75ad18896bf0e3bb4e

PSA International profit dips, volumes up in 2016

Singapore’s PSA International (PSA) posted a dip in profit while container handling volumes rose in 2016 compared to the previous year.

Net profit for 2016 was recorded at SGD1.17bn ($835.49m), down 7.5% from SGD1.27bn in 2015.

Full year revenue, however, rose by 3% year-on-year to SGD3.68bn.

PSA handled 67.63m teu for 2016, representing an increase of 5.5% from the previous year.

The container terminals operator’s flagship Singapore Terminals contributed 30.59m teu in 2016. PSA terminals outside Singapore delivered a total throughput of 37.04m teu, up 10.6% over 2015.

“2016 was for the ports and shipping indsutry a period of unrelenting trials and tribulations,” said Tan Chong Meng, group ceo of PSA International.

“Burdened with a prolonged period of sluggish trade, sustained low oil prices, excess liner shipping capacity and depressed freight rates, the industry also had to deal with an unprecedented scale of consolidation through alliancing and merger of major shipping lines, and the complicated coordination tasks needed to ensure containers get to the importers in the aftermath of a major player becoming defunct,” Tan said.

“Moreover, we saw how the application of digital technology has started to make strong headway into our industry, presenting in some cases great opportunity for workflow and process improvement, and in other cases, cause for concern given their disruptive potential.”

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish
Maritime_Market_User_Promo_4
Looking For Suppliers?

Maritime Market is the online marketplace for the global maritime industry, making it easy to connect with suppliers 365 days a year. Powered by an extensive database of maritime professionals and businesses.

Maritime_Market_User_Promo_4