Singapore ports company PSA International has emerged from a turbulent 2016 with a "creditable" result, it said on Thursday.
Net profit was down 7.5% at SGD 1.17bn ($836m), but volumes rose 5.5% to 67.63m teu.
The flagship Singapore Terminals unit contributed 30.59m teu, while overseas operations handled 37.04m, up 10.6%.
Revenue increased 3% to SGD 3.68bn, with operating earnings down 5.4% partly due to higher depreciation.
CEO Tan Chong Meng 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."
