Singapore-based port group PSA International has revealed that it handled 63.2m TEUs (Twenty-foot equivalent units) of containers at its port projects in 2008, growth of 7.3 per cent compared with the previous year, mainly as a result to a strong start to the year.
Of the total, PSA Singapore Terminals contributed 29m TEU, up 7 per cent on 2007, while the group's terminals outside Singapore handled 34.2m TEUs, growth of 7.7 per cent.
"2008 started strongly amidst the gathering storm clouds over the financial services industry and the major economies," said group CEO Eddie Teh. "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," he added.
Mr Teh praised the PSA staff and Unions for their support during the course of 2008, and said that he looked forward to their continuing support during the upcoming year.
"PSA has been bracing and preparing itself for the lean months ahead," he added. "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."