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PSA's global box throughput up 5.5pc last year, predicts a tough 2017
SINGAPORE-BASED container terminal operator PSA International registered a 5.5 per cent increase in throughput across its global terminals in 2016 compared to last year, taking the total volume handled to 67.63 million TEU.
However, all of this growth came from its international business with its flagship Singapore terminals seeing an essentially flat performance with a 0.1 per cent drop in volumes to 30.59 million TEU last year compared to 2015.
PSA's international business handled 37.04 million TEU a 10.6 per cent increase over the previous year, according to Seatrade Maritime News.
"2016 served up another difficult year for the port and shipping industry. We had to grapple with sluggish global trade, weak demand for container shipment, sustained excess shipping capacity and depressed freight rates," commented Tan Chong Meng CEO of PSA.
Looking ahead to 2017 Mr Tan sees a complex mix of a continued tough business environment and the impact of liner industry consolidation.
"The tough business environment is likely to continue into 2017 but that is not the whole story. We may witness more system-wide changes brought on by the convergence of slow market growth, emerging technologies and new business needs.
"Rapid consolidations in the container liner industry are giving rise to uncertainties as well as opportunities. New shipping service deployments and products will hit the market, demanding adjustments and adaptations by not only terminal operators, but players big and small in the global supply chain," he said.
In Singapore PSA has benefitted from the acquisition of NOL/APL by CMA CGM with the French line forming a joint venture with the Singapore terminal operator to run four berths at its Pasir Panjang Terminal.
However, all of this growth came from its international business with its flagship Singapore terminals seeing an essentially flat performance with a 0.1 per cent drop in volumes to 30.59 million TEU last year compared to 2015.
PSA's international business handled 37.04 million TEU a 10.6 per cent increase over the previous year, according to Seatrade Maritime News.
"2016 served up another difficult year for the port and shipping industry. We had to grapple with sluggish global trade, weak demand for container shipment, sustained excess shipping capacity and depressed freight rates," commented Tan Chong Meng CEO of PSA.
Looking ahead to 2017 Mr Tan sees a complex mix of a continued tough business environment and the impact of liner industry consolidation.
"The tough business environment is likely to continue into 2017 but that is not the whole story. We may witness more system-wide changes brought on by the convergence of slow market growth, emerging technologies and new business needs.
"Rapid consolidations in the container liner industry are giving rise to uncertainties as well as opportunities. New shipping service deployments and products will hit the market, demanding adjustments and adaptations by not only terminal operators, but players big and small in the global supply chain," he said.
In Singapore PSA has benefitted from the acquisition of NOL/APL by CMA CGM with the French line forming a joint venture with the Singapore terminal operator to run four berths at its Pasir Panjang Terminal.
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