Singapore-based container terminal operator PSA International had a record year in 2023.
The company’s terminals handled a total of 94.8 million TEU across its port terminals in the 12 months ended December 31, 2023. This was an increase of 4.3% compared to 2022.
PSA’s flagship terminal in Singapore handled 38.8 million TEU (up 4.8%) and PSA terminals outside Singapore handled 56 million TEU (up 3.9%).
PSA International Group CEO Tan Chong Meng said the global economy will continue to be disrupted in 2023, despite many developed countries working together to promote economic recovery.
“The world continues to experience inflation, rising interest rates, tightening labor markets, geopolitical tensions, and ongoing wars, all of which are destabilizing the outlook for recovery and disrupting supply chains,” he said. ” he said.
“Looking ahead to 2024, the outlook for global economic recovery remains uncertain and the world is bracing for the possibility of further geopolitical change.”
Mr Tan said the company will now focus on expanding its core business of ports.
Mr. Tan said: “We will overcome the challenges ahead and become a supply chain orchestrator, working closely with customers and stakeholders to enable more sustainable global trade, while being agile and adapting to uncertainties in the macroeconomic environment. I will continue to do so.”
PSA’s global network consists of more than 60 deepwater, rail and inland terminals. The company is based in over 170 locations in 44 countries, with flagship operations in Singapore and Belgium.