Singapore headquartered and globally working port operator PSA International Pte Ltd (PSA) enjoyed a record-breaking year, as it handled 94.8 million Twenty-foot Equivalent Units (TEUs) containers across its port terminals around the world during 2023.

The company states that the PSA flagship terminal in Singapore contributed with 38.8 million TEUs (+4.8%) and the PSA terminals outside Singapore handled 56 million TEUs (+3.9%), with the entire volume of the PSA Group increasing 4.3% compared to the same period in 2022.

Tan Chong Meng, group chief executive of PSA International, shared that “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.”

“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.”

Mr Tan added, that “Looking ahead to 2024, the outlook for recovery of the global economy remains unclear, and the world braces itself for further potential geopolitical volatility. Keeping PSA’s strategic direction top of mind, the company will continue to focus on expanding our 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.”

PSA informs that its ports and cargo solutions portfolio comprise over 60 deepsea, rail and inland terminals, across more than 170 locations in 44 countries, including two flagship port operations in Singapore and Belgium.