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PSA International Handled 86.6 Million TEUs in 2020, Records Two Percent Increase

File photo of PSA Chennai facility

Chennai:

Port Wings News Network:

PSA International Pte Ltd (PSA) handled 86.6 million Twenty-foot Equivalent Units (TEUs) for the year ended 31 December 2020, representing an increase of 1.7% from the previous year. Notably, PSA Singapore contributed 36.6 million TEUs, a decline of 0.9% from 2019. PSA terminals outside Singapore delivered a total throughput of 50 million TEUs, increasing 3.7% over 2019.

PSA Group revenue increased by 2.5% on higher throughput and business acquisitions during the year. Profit from operations was lower by 4.2%, and overall net profit for the year decreased by 6.2% from previous year due to lower other income and increase in other operating expenses. PSA’s balance sheet remains strong with a gross debt equity ratio of 0.58 times at the close of 2020.

Commenting on the results, Mr Peter Voser, Group Chairman, PSA International, said: “Despite the supply chain shocks in the first half of 2020, the PSA team, together with our partners, rallied to meet our customer needs around the world. This enabled us to finish the year on a strong footing with a credible performance, while still keeping safety at the forefront.”

Mr Peter Voser stated: “On behalf of the PSA Board and Management, I would like to thank our customers, stakeholders and partners for continuing to place their trust in us. As a business providing an essential service to the world, I am grateful for the dedication and commitment displayed by the PSA team in carrying out their duties, while keeping the health and safety of our colleagues and communities a key priority.”

“PSA stands ready to continue supporting our customers and partners with strong operational performance and supply chain optimisation solutions amidst the COVID-19 crisis in 2021 and beyond. As a leading global port group, we will also work alongside stakeholders to expand our efforts towards combating climate change and building a more sustainable future,” added Mr Peter Voser.

Mr Tan Chong Meng, Group CEO, PSA International, said, “The importance of a seamless and resilient global supply chain has been clearly underscored by the events of 2020. Thanks to the dedication and resolve of our management, staff and unions, and in partnership with our customers, authorities and industry associates, PSA kept supply chains operational across our global network, while protecting ourselves, our partners and stakeholders.”

Mr Tan Chong Meng stated: “As a key global player in the transport and logistics industry, PSA is in a unique position to innovate, influence and effect change across the supply chain for greater reliability, and also for a healthier and greener world. We are united in our drive to ensure long-term sustainability for our businesses, our partners, and the communities where we operate.”

“To this end, we have been purposefully building on our digital and cargo solutions capabilities to benefit cargo owners and customers, investing in people, equipment and technology for smarter resource efficiencies, and championing cross-industry partnerships to spur collective action towards a more sustainable world,” Mr Tan Chong Meng added,

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