Singapore port operator PSA International has reported strong year-on-year growth in container volumes despite the trade war between the US and China.
It handled a total of 85.2m-teu in 2019 which was 5.2% higher than the volumes achieved in the previous year.
PSA terminals outside Singapore handled 48.3mteu, up 8.1% year-on-year as the company was boosted by several overseas acquisitions.
PSA made three major terminal acquisitions last year – two in North America and a third in eastern Europe.
It acquired Penn Terminals in Pennsylvania and Halterm Container Terminal in the Port of Halifax both from Macquarie Infrastructure Partners.
In March it confirmed that it had agreed to acquire Poland’s largest container terminal DCT Gdansk as part of a consortium.
Other partners in the deal included the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors.
Domestically, PSA’s flagship operation in Singapore reported modest year-on-year growth of just 1.6% to 36.9mteu.
“Thanks to the efforts of the global PSA team and strong support from our customers and partners, the PSA Group has achieved good volume growth for 2019,” said PSA group chief executive Tan Chong Meng.
“2019 was a year where the PSA Group expanded our horizons, against a backdrop of trade wars, climate action and varying technological impacts on business and society.
“By welcoming new terminals like DCT Gdansk, PSA Halifax and Penn Terminals into our fold, we have broadened our reach and ability to offer greater connectivity to new economies in the Baltics and North America.”
Meng added that PSA will “continue to build” on its global network of ports while harnessing technologies to improve its productivity levels.
