Singapore's PSA suffers first 9.9pc decline in 2009 to 56.9 million TEU

Singapore global port operator, PSA International, experienced its first annual decline - 9.9 per cent - to reach a still staggering worldwide throughput of 56.93 million TEU.

The group's Singapore terminals volume came in at 25.14 million TEU (-13.1 per cent) and PSA terminals outside Singapore handled 31.78 million TEU (-7.1 per cent).
It was the first time since 2001 that Singapore terminals experienced a decline in container traffic and its lowest volume since 2006 when it handled 24.8 million TEU. But a rebound occurred with an increase for the third month running in December with 2.3 million TEU handled showing improvement.

According to Maritime and Port Authority of Singapore's (MPA) figures based on advanced estimates show a return to form with the first month of 2010 seeing 6.7 per cent increase year on year, slightly less than November's throughput.

Joachim Skorge, managing director of Investment Banking, DnB Nor MD ,said in a report from Channel News Asia, "The global economy is improving and that should improve volumes for PSA going forward. We saw a stabilisation of the container market towards the end of 2009. We are expecting further improvement throughout 2010."

PSA International chief executive officer Eddie Teh said 2009 was a year of unprecedented hardship and challenges for the port and shipping industries but it took urgent measures in 2009 to reset its capacity needs and reduce operating costs.
With its flagship operations in PSA Singapore Terminals and PSA HNN, PSA participates in 28 port projects in 16 countries across Asia, Europe and the Americas, with a global capacity of 111 million TEU over 66 kilometres of quay length.

Source: http://www.schednet.com