PSA overcomes 2016’s “trials and tribulations”

The operator handled 67.63 million teu for the year ended 31 December 2016, representing an increase of 5.5% on the previous year. PSA’s flagship Singapore Terminals contributed 30.59 million teu in 2016 with its other global terminals achieving a total throughput of 37.04 million teu increasing 10.6% over 2015.

Tan Chong Meng, Group CEO, PSA International, said: “2016 was for the ports and shipping industry a period of unrelenting trials and tribulations. 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.”

He added that the operator’s strong performance was greatly influenced by the application of digital technology which has started to make strong headway into the industry. It has presented the operator with a great opportunity for workflow and process improvement.

The operator said that it is channelling its energy and resources towards technology and innovation that will shape and drive the port of the future – one that is more efficient, connected, automated, responsive and with adaptive and pre-emptive capabilities to meet customers’ future requirements.