PSA International, the Singapore terminal operator, has ended the year on a positive note with growth in both its profit and cargo volumes.
The government-owned company saw net profit increase 5.1% to SGD 1.2bn ($937.2m) as throughput increased 9.8% to 74.2mteu.
PSA’s flagship Singapore Terminals contributed 33.3mteu, increasing 9% over 2016. Terminals outside Singapore delivered a total throughput of 40.8mteu, a year-on-year increase of 10.4%.
“ 2017 ended on a relatively positive note as global container throughput had its strongest showing since 2011, aided by stronger economic growth in many countries,” said Tan Chong Meng, group chief executive at PSA International.
“The frenzied container liner shipping consolidation in 2016, which percolated into service deployment changes in 2017, also contributed towards PSA’s group throughput for the year.
“Going into 2018, we are keenly aware that the dynamics of our industry remain highly changeable and competitive.
“As we witness the current wave of digitalisation and acknowledge the increasing quest for cargo flow visibility, we believe PSA can work with our customers and partners to create a new suite of solutions that exploit the opportunities which digitalisation offers.”
PSA International group chairman Fock Siew Wah also highlight PSA’s positive performance during 2017 despite what he described as the “social-political upheavals, economic disruptions, rising protectionism and chaotic operating conditions brought about by malicious large-scale cyber-attacks on certain entities in 2017.”
He said PSA performed creditably due in no small part to a resurgent global economy that “appeared resistant to isolationist rhetoric and the ubiquitous consolidation of shipping alliances”.
Looking ahead, Fock said the industry will continue to be “buffeted by an inexorable range and accelerating pace of transformation and disruptions” in the way goods are produced, sold, transported and used.
He said these present the company with both “challenges and opportunities” and that the PSA will continue to work closely with its partners and customers to tap the “relevant technologies and develop innovative solutions” that facilitate trade flow and improve processes.
