PSA International posts traffic increase despite COVID chaos

Singapore cargo terminal,one of the busiest Import, Export, Logistics ports in the world, Singapore.

PSA International saw its TEU traffic increase by 1.7% year-on-year (YoY) in 2020, despite the substantial shocks to the global supply chain caused by the COVID-19 pandemic.

In statement, Peter Voser, Group Chairman, PSA International, said the company finished the year strongly while “keeping safety at the forefront” of its operations.

In total the terminal operator processed 86.6 million TEU in 2020, with PSA Singapore contributing 36.6 million TEU, a slight decline of 0.9% YoY.

PSA terminals from outside Singapore delivered a total of 50 million TEU, an increase of 3.7% YoY. PSA Group revenue increased by 2.5% on higher throughput and business acquisitions during the year.

Profit from operations was lower by 4.2%, and overall net profit for the year decreased by 6.2% from previous year due to lower other income and increase in other operating expenses.

“PSA stands ready to continue supporting our customers and partners with strong operational performance and supply chain optimisation solutions amidst the COVID-19 crisis in 2021 and beyond.

“As a leading global port group, we will also work alongside stakeholders to expand our efforts towards combating climate change and building a more sustainable future.”

Tan Ching Meng, Group CEO, PSA International, also commented, “The importance of a seamless and resilient global supply chain has been clearly underscored by the events of 2020.

“Thanks to the dedication and resolve of our management, staff and unions, and in partnership with our customers, authorities and industry associates, PSA kept supply chains operational across our global network, while protecting ourselves, our partners and stakeholders.

“As a key global player in the transport and logistics industry, PSA is in a unique position to innovate, influence and effect change across the supply chain for greater reliability, and also for a healthier and greener world.

“We are united in our drive to ensure long-term sustainability for our businesses, our partners, and the communities where we operate.

“To this end, we have been purposefully building on our digital and cargo solutions capabilities to benefit cargo owners and customers, investing in people, equipment and technology for smarter resource efficiencies, and championing cross-industry partnerships to spur collective action towards a more sustainable world.”

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