SINGAPORE: PSA International has announced its full year results ending 31 December 2016 which show that the company handled 67.63 million TEUs last year, representing an increase of 5.5% from the previous year.
PSA’s flagship Singapore Terminals contributed 30.59 million TEUs in 2016. PSA terminals outside Singapore delivered a total throughput of 37.04 million TEUs, increasing 10.6% over 2015.
PSA’s balance sheet remains strong with a gross debt equity ratio of 0.52 times at the close of 2016.
Fock Siew Wah, Group Chairman, PSA International, said: “In 2016, we witnessed a world beset with pivotal events that shook the social, political and economic fabric of nations. Significant among them were the heightened geopolitical tensions in the Middle East and other parts of the world, Britain’s decision to exit from the European Union, and changes in the US political leadership which could raise the spectre of protectionism and slow down global trade. It did not help that the world was still recovering from the protracted economic woes in Europe and from a lacklustre China which had lost much of its steam as the global growth engine.
“Despite these challenges, our global PSA team pulled through admirably to achieve a set of creditable results. I would like to convey my deepest appreciation towards our management, unions and staff for their dedicated efforts and the sacrifices they have made in delivering the best outcomes for our customers.
“Furthermore, on behalf of the PSA board and management, I must thank our customers and partners for their continued trust and confidence in PSA. It is through their patronage that we have the opportunity to serve, and their demands inspire us to continually improve and be more competitive.”
He added: “2017 will likely be another year fraught with uncertainties but also opportunities. More than ever, PSA is firmly committed to work alongside all our stakeholders with the very best-in-class service that we have become renowned for. We will continue to strive to ensure that goods flow smoothly through the global maritime supply chain to touch and improve the lives of many.”
Tan Chong Meng, Group CEO, PSA International, said: “2016 was for the ports and shipping industry 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, the industry also had to deal with an unprecedented scale of consolidation through alliance and merger of major shipping lines, and the complicated coordination tasks needed to ensure containers get to the importers in the aftermath of a major player becoming defunct.
“Moreover, we saw how the application of digital technology has started to make strong headway into our industry, presenting in some cases great opportunity for workflow and process improvement, and in other cases, cause for concern given their disruptive potential.
“So, even as I thank our customers and partners for their unwavering support and decision to grow their business with PSA, and pledge our commitment to continually seek investment in state-of-the-art facilities and new locations in tandem with their growing needs, I would also like to assure them that PSA is channelling our energy and resources towards technology and innovation. We are diligently exploring the use of technologies that will shape and drive the port of the future – one that is more efficient, connected, automated, responsive, and with adaptive and pre-emptive capabilities to meet their requirements in the years ahead. It is an exciting future which we would like to co-create with like-minded partners, and I invite our esteemed customers to work alongside us in this innovative journey to write the next chapters for our industry.”