PSA posts 5.5% jump in box volumes for 2016

The global port terminal operator’s terminals in Singapore handled 30.59 million TEUs in 2016, while volumes at its other locations totaled 37.04 million TEUs.    PSA International Pte Ltd (PSA) said its container terminals around the world handled 67.63 million TEUs in 2016, 5.5 percent more than in 2015.
   The port terminal operator participates in about 40 terminals across 16 countries in Asia, Europe and the Americas, with flagship operations in Singapore and Antwerp.
   In Singapore, the company’s terminals handled 30.59 million TEUs, down a scant 0.1 percent from 2015, while volumes in other locations rose 10.6 percent to 37.04 million TEUs.
   PSA CEO Chong Meng Tan said, “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.
   “The tough business environment is likely to continue into 2017 but that is not the whole story,” he added. “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.”