PSA International Pte Ltd (PSA) saw a "record-breaking year" in 2023 as it handled container volumes amounting to 94.8 million Twenty-foot Equivalent Units (TEUs) across its port terminals around the world.
Its flagship terminal in Singapore contributed 38.8 million TEUs (up 4.8%) as of the end of December, and PSA terminals outside Singapore handled 56 million TEUs (up 3.9%).
PSA said that compared to the same period in 2022, the Group’s volume increased by 4.3%.
"Though there was a concerted push for economic recovery in many developed countries, the global economy remained fraught with turbulence in 2023, and the world continued to experience inflation, rising interest rates, tight labour markets, geopolitical tensions and ongoing wars, all of which destabilised the outlook for recovery and disrupted supply chains," commented Tan Chong Meng, group CEO of PSA International.
"For exceeding expectations in the face of these challenges, I am extremely proud of our management, staff and unions who have worked tirelessly alongside our customers across PSA's ports, cargo solutions, marine and digital businesses to honour our commitment to service and operational excellence. I am equally grateful for the unwavering trust our customers and partners placed in us as we work closely together to keep cargo moving and trade flowing."
Meanwhile, Tan signalled an "unclear" outlook on the recovery of the global economy this year as it warned of further potential geopolitical volatility.
"Looking ahead to 2024, the outlook for recovery of the global economy remains unclear, and the world braces itself for further potential geopolitical volatility," he said.
The group CEO of PSA noted that in the face of these uncertainties, the company will continue to focus on expanding its core business of ports and "enabling more agile and resilient supply chains."
"Navigating the challenges to come, we will stay nimble to adapt to the uncertainties of the macroeconomic environment as we partner closely alongside our customers and stakeholders to be a supply chain orchestrator and bring about more sustainable global trade," Tan said.
