PSA International Pte Ltd handled a total of 64.1 million TEUs in 2015, a year-on-year decrease of 2%, according to full-year results released by the company.

According to PSA, the contribution from its flagship Singapore Terminals was 30.6 million TEUs, a decrease of 8.7% compared to 2014, while the total throughput of terminals outside Singapore grew 5%.

Group revenue was down 6.7%, while overall net profit dropped 9.5% year-on-year to S$1.27 billion (US$930 million).

“These are difficult, uncertain times, but also challenging and exciting,” said Tan Chong Meng, group CEO of PSA International. “In the last few years, we have witnessed the massive impact of rapidly changing mega liner alliances, the arrival of mega ships and port congestion around the globe due to the inadequacy of some berth facilities, protracted dips in crude oil prices, and a global economy that has lost much of its growth momentum resulting in anaemic trade flows. The unprecedented pace of change is vexing the best minds in our industry and I am convinced that it will also shake up how industry players collaborate or compete in this dynamic environment.”

Fock Siew Wah, group chairman of PSA International, said that the unusual volatility in the global marketplace caused a general loss of confidence on all fronts in 2015.

“The container shipping industry was not spared as it grappled with softening trade and demand, excess tonnage capacity and depressed freight rates,” said Fock. “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.”

PSA remains undaunted and will continue to invest in improvements in anticipation for brighter days ahead, he added.