World’s biggest terminal operator saw faster growth at terminals outside its flagship Singapore facility despite operational challenges of bigger ships and new alliances.
The Singapore-based global container terminal operator PSA International said total throughput rose 5.8 percent year-over-year in 2014, to 65.4 million TEUs.
Container volume at PSA’s flagship facility in Singapore rose 4.1 percent year-over-year, to 33.6 million TEUs. Volume at terminals outside of Singapore rose 7.8 percent, to 31.9 million TEUs.
“Last year was challenging for the shipping and port industry,” PSA Group Chief Executive Officer Tan Chong Meng said in a statement. “Global trade growth was modest and that, coupled with the introduction of many mega vessels, resulted in overcapacity and low freight rates for liner carriers. The increasingly large ships and complex alliances have also led to much greater operational demands being placed on port operators. This is a structural shift which will impact all ports as ships across all shipping routes continue to upsize.”
Tan said PSA intends to increase its network of terminals in 2015.
“We will continue to make the necessary investments to stretch our capabilities and enhance our operational efficiency to serve (our customers) as they grow their businesses with us well into the future,” he said.
PSA is the largest container terminal operator, by volume, in the world.
PSA 2014 throughput up 5% despite ‘challenging year’
