SINGAPORE-based container terminal operator PSA International saw a record-breaking year in 2023.

The company’s terminals handled a total of 94.8 million TEU across its port terminals for the 12 months ending on 31 December 2023. This was an increase of 4.3% compared with 2022.

PSA’s flagship terminal in Singapore handled 38.8 million TEU (and increase of 4.8%) and PSA terminals outside Singapore handled 56 million TEU (an increase of 3.9%).

PSA International group CEO Mr Tan Chong Meng said the global economy remained fraught with turbulence in 2023 despite a concerted push for economic recovery in many developed countries.

“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,” he said.

“Looking ahead to 2024, the outlook for recovery of the global economy remains unclear, and the world braces itself for further potential geopolitical volatility.”

Mr Tan said going forward, the company would focus on expanding its core business of ports.

“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,” Mr Tan said.

PSA’s global network comprises more than 60 deepsea, rail and inland terminals. The company is present in more than 170 locations in 44 countries, with flagship operations in Singapore and Belgium.