Singapore port operator PSA posts 14% throughput growth in 2010

Singapore-based terminal operator PSA International posted a throughput increase of 14.4% in 2010 over a relatively low base in 2009.


The total PSA group volume from port projects around the world totalled a record 65.12 million TEUs (twenty-foot equivalent units).


In line with the global economic recovery and improved performance of the container shipping industry, PSA flagship in Singapore handled 27.68 million TEUs and registered growth of 10.1% to secure Singapore’s position as the second largest container port in the world.


PSA terminals outside of Singapore recorded combined volumes of 37.44 million TEUs over the same period, 17.8% stronger than in 2009, on the back of improving world economies.


In tandem with volume growth, PSA group revenue rose to S$4.08 billion while net profit grew by 20.8% to S$1.18 billion, made possible by more favorable business conditions and judicious cost management.


PSA’s balance sheet remains strong with a gross debt equity ratio of 0.93 times at the close of 2010.


PSA International group chairman Fock Siew Wah noted that the world economies were greeted with caution and uncertainty as they entered 2010 but in the course of the year the global economic recovery and growth in trade flows turned out to be much stronger than expected.


“Our customers have performed exceedingly well and their stellar output helped PSA achieve a record group volume of 65.12 million TEUs.”


Wah thanked PSA’s valued customers for entrusting with their business and allowing the privilege of sharing in their success, and our staff, unions and management for their dedication and fortitude in sustaining our world-class service quality.


Some analysts and economists have high expectations for 2011, believing that global economic recovery is now on a solid foundation.


“I hope they are right though I continue to be bothered by the lingering economic problems in the developed countries and the unfolding of a slowdown in China. PSA must therefore continue to remain very vigilant and focused so that we can be prepared for any challenges and seize any opportunities that come,” said Wah.


Eddie Tech, group CEO noted that in 2010, a convergence of all the measures macro and micro government and industry all collectively had the desired effect of calming the global markets.


PSA and the port and shipping sector in tandem with all other industries benefited from the resulting outcome.


Container volumes recovered strongly from the previous year and, with contribution of volumes from newly commissioned terminals in Busan in South Korea, Chennai in India and Vung Tau in Vietnam.
(Source:http://en.portnews.ru)