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PSA profit despite “unrelenting trials and tribulations”

SINGAPORE: March 27, 2017. CMA CGM and PSA Singapore have added two more berths to their container terminal joint venture for a total capacity of four million TEUs per annum.

The CMA CGM - PSA Lion Terminal has now averaged more than 160 TEU moves per hour for mega vessel calls since the beginning of 2017.

PSA SingaporePSA International reported a 3.0 percent rise in revenue to S$3.68 billion in 2016 and a net profit of S$1.17 billion, a fall of 7.5 percent compared to the previous year.

The group handled a total of 67.83 million TEUs during the period, an increase of 5.5 percent, of which PSA Singapore handled 30.59 million.

Commenting on the results, PSA chairman Fock Siew Wah said the group had achieved a set of creditable results last year in a world "beset with pivotal events that shook the social, political and economic fabric of nations".

Noting the heightened geopolitical tensions in the Middle East, Britain's decision to exit from the European Union, and the "specter of protectionism" following Donald Trump's election as U.S. president, he said 2017 will likely be another year "fraught with uncertainties but also opportunities".

Group CEO Tan Chong Meng observed that last year was "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.

He said the industry also had to deal with unprecedented consolidation through alliances and mergers of major shipping lines plus the aftermath of the Hanjin bankruptcy.

Tan added that his company is exploring the use of technologies in order to ensure the port of the future "is more efficient, connected, automated and responsive - including the provision of adaptive and pre-emptive capabilities" for its customers.

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