PSA sounds a warning

News 17 Jan 2009 by WCN Editorial

PSA International Pte Ltd (PSA) handled 63.2M TEU in 2008, up 7.3% on 2007. Throughput at PSA Singapore Terminals increased by 7% to 29M TEU and the terminals outside Singapore handled 34.2M TEU (+ 7.7%)

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Announcing the 2008 results, Eddie Teh, Group CEO, PSA International, said that the year had “started strongly amidst the gathering storm clouds over the financial services industry and the major economies.

“By the end of the year, though, any lingering confidence that the major economic powerhouses would be able to stay out of a recession had been dashed. Global trade worldwide had slowed to a crawl.

“Unless global economies are able to recover in the course of 2009 with the help of huge amounts of proposed spending by governments around the world, our industry will likely experience an extremely difficult year.

“PSA has been bracing and preparing itself for the lean months ahead. I would like to assure our loyal customers that PSA is committed to continuing to provide them with best-in-class services and productivity during this difficult phase.”