PSA International Pte Ltd handled 81M TEU in calendar 2018, representing an increase of 9.1% from the previous year
PSA’s terminals in Singapore handled 36.31M TEU, an increase of 8.9% over 2017. PSA terminals outside Singapore - MPET Antwerp is pictured left - delivered a total throughput of 44.69M TEU, increasing 9.3% over 2017.
PSA Group revenue rose 3% and profit from operations was at the same level as the previous year. Overall net profit for the year was 2.3% lower at S$1.20 billion partly due to higher depreciation. PSA said its balance sheet remains strong with a gross debt:equity ratio of 0.48 at the close of 2018.
Fock Siew Wah, Group Chairman, PSA International, said: “2018 was a year of constant change, beset by the headwinds of global economic and geopolitical uncertainty, escalating trade wars, and persistent operational challenges in the shipping industry due to overcapacity, low freight rates and rising fuel costs.
"Despite all this, PSA managed a creditable and resilient performance in 2018 by staying focused on our customers, and participating in the transformation with like-minded partners towards a truly connected global supply chain.
"On behalf of the PSA board and management, I would like to express my deepest gratitude to our customers and partners for their unstinting support. We pledge to continue to invest in and upgrade our facilities and offerings, so that we can serve them with the highest standards of excellence.
"My heartfelt thanks go out as well to our staff and unions, who have worked tirelessly alongside our management to make global championship real for PSA. As we head into 2019, the outlook remains challenging as the weakening world economy and prevailing protectionist sentiments will likely exact their toll on global trade.
"Nonetheless, PSA will continue to invest in port and related facilities, nurture our people, expand our operational and digital capabilities, and strive to innovate and improve supply chain efficiency for all in collaboration with our stakeholders and partners.”
Tan Chong Meng, Group CEO, PSA International, said: “PSA concluded 2018 on a firm footing, notwithstanding slower global container trade growth. I am deeply appreciative of the continued patronage and support from our customers and partners. They have provided us with the strong container volumes that set records in several PSA terminals, and have also worked alongside us to explore new logistics enhancements made possible by the adoption of digital technologies.
"We are honoured and motivated by the trust that they have placed in us. We also owe an immense debt of gratitude to our staff, unions and management for their vigour, passion and steadfast contributions amidst the relentless pace of changes that are sweeping through our industry and our world.
"In charting our future ahead, while we continue to grow our port business, we will broaden our attention to other segments in the supply chain to create new cargo flow solutions. We will also embrace digital technologies as a game changer, co-creating the Internet of Logistics with like-minded partners.
"Together, we can propel the global supply chain towards greater visibility and connectivity, for the benefit of cargo owners, logistics players, and ultimately, facilitate more vibrant trade.”