previous year.
PSA’s flagship Singapore Terminals contributed 30.59 million TEUs in 2016. PSA
terminals outside Singapore delivered a total throughput of 37.04 million TEUs, increasing
10.6% over 2015.
PSA Group revenue rose 3.0% while profit from operations declined 5.4% partly due to
higher depreciation. Overall net profit for the year was 7.5% lower at $1.17 billion.
PSA’s balance sheet remains strong with a gross debt equity ratio of 0.52 times at the close of 2016.
“In 2016, we witnessed a world beset with pivotal events that shook the social, political and
economic fabric of nations. Significant among them were the heightened geopolitical tensions
in the Middle East and other parts of the world, Britain’s decision to exit from the European
Union, and changes in the U.S. political leadership which could raise the spectre of
protectionism and slow down global trade. It did not help that the world was still recovering
from the protracted economic woes in Europe and from a lacklustre China which had lost
much of its steam as the global growth engine.
Despite these challenges, our global PSA team pulled through admirably to achieve a set of
creditable results. I would like to convey my deepest appreciation towards our management,
unions and staff for their dedicated efforts and the sacrifices they have made in delivering the
best outcomes for our customers.
Furthermore, on behalf of the PSA board and management, I must thank our customers and
partners for their continued trust and confidence in PSA. It is through their patronage that we
have the opportunity to serve, and their demands inspire us to continually improve and be
more competitive.
2017 will likely be another year fraught with uncertainties but also opportunities. More than
ever, PSA is firmly committed to work alongside all our stakeholders with the very best-inclass
service that we have become renowned for. We will continue to strive to ensure that
goods flow smoothly through the global maritime supply chain to touch and improve the lives
of many.”
Mr Fock Siew Wah, Group Chairman, PSA International “2016 was for the ports and shipping industry a period of unrelenting trials and tribulations.
Burdened with a prolonged period of sluggish trade, sustained low oil prices, excess liner
shipping capacity and depressed freight rates, the industry also had to deal with an
unprecedented scale of consolidation through alliancing and merger of major shipping lines,
and the complicated coordination tasks needed to ensure containers get to the importers in
the aftermath of a major player becoming defunct.
Moreover, we saw how the application of digital technology has started to make strong
headway into our industry, presenting in some cases great opportunity for workflow and
process improvement, and in other cases, cause for concern given their disruptive
potential.
So, even as I thank our customers and partners for their unwavering support and decision to
grow their business with PSA, and pledge our commitment to continually seek investment in
state-of-the-art facilities and new locations in tandem with their growing needs, I would also
like to assure them that PSA is channelling our energy and resources towards technology
and innovation. We are diligently exploring the use of technologies that will shape and drive
the port of the future – one that is more efficient, connected, automated, responsive, and with
adaptive and pre-emptive capabilities to meet their requirements in the years ahead. It is an
exciting future which we would like to co-create with like-minded partners, and I invite our
esteemed customers to work alongside us in this innovative journey to write the next chapters
for our industry.”
Full report at https://www.singaporepsa.com/images/2017/nr170323.pdf