PSA posts first dip in throughput
Global port operator PSA International (PSA) posted the first-ever decline in its global container throughput last year.
In 2009, the port operator, having presence in 28 port projects in 16 countries across Asia, Europe and the Americas, with a global capacity of 111 million TEUs, handled only 56.93 million TEUs of containers at its port projects globally, posting a decline of 9.9 per cent over 2008, a company statement said.
The operator's flagship operations in PSA Singapore Terminals contributed 25.14 million TEUs last year (declining by 13.1 per cent against the 2008 throughput of 29 million TEUs). Throughput at PSA terminals outside Singapore also declined by 7.1 per cent last year at 31.78 million TEUs.
This first-ever decline in PSA's global container throughput was brought on by the sharp contraction in world trade last year, the statement said.
Eddie Teh, Group CEO, PSA International, said: "2009 was a year of unprecedented hardship and challenges for the port and shipping industries. The global economic downturn and massive slump in global trade caused a drastic drop in demand for container shipping. PSA took urgent measures in 2009 to reset its capacity needs and reduce operating costs without compromising on the quality reliable services we provide to our shipping line customers; and we will continue to work very closely with all our customers through these difficult times."
Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.
Follow Emirates 24|7 on Google News.