PSA International (PSA) enjoyed a 3% growth in revenue in 2018 despite being faced with the challenges of global economic uncertainty caused by the US-China trade war, low freight rates and rising fuel costs, according to its annual financial results.
The terminal operator said it handled 81 million TEU in total in 2018, which represented a 9.1% increase on 2017.
As well as that, its flagship terminal in Singapore, which handled 36.31 million TEU, jumped by 8.9% on 2017’s numbers and its foreign-based terminals, which together handled 44.69 million TEU also rose by 9.3%.
In a series of statements accompanying the results, PSA intimated that it was pleased its 2018 performance and that it was optimistic for the year ahead.
Fock Siew Wah, PSA’s Group Chairman, 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 credible 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.”
Tan Chong Meng, PSA’s CEO, spoke of his optimism for 2019: “PSA concluded 2018 on a firm footing, notwithstanding slower global container trade growth.
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.”