PSA Volumes Bitten by Market Dip

PSA International has reported that volumes at its global ports have dropped 2% year-on-year in 2015, with net profit for 2015 also falling  by 9.5% to US$1.27 billion as a result of the downturn in global trade, according to Lloyds Loading List.

PTI previously reported that the global container shipping industry is anticipated to see the slowest rate of growth in more than 25 years, as falling freight rates bring many shipping companies down into severe losses.

Fock Siew Wah, Group Chairman at PSA International, said: “The container shipping industry was not spared as it grappled with softening trade and demand, excess tonnage capacity and depressed freight rates.

Technical Paper: Mega-Terminal Operations

“Amidst this troubling economic landscape, and despite anticipating and preparing for the then oncoming storm, PSA was nevertheless adversely affected albeit to a lesser extent than would be otherwise.

“The ongoing turbulence and decline of market confidence will undoubtedly test our mettle but we remain undaunted.”