The head of one of the world’s top container terminal operators has admitted times are tough for those in the port sector.
In announcing results for 2016, Tan Chong Meng, group CEO of Singapore-headquartered PSA International, said: “The tough business environment is likely to continue into 2017 but that is not the whole story. We may witness more system-wide changes brought on by the convergence of slow market growth, emerging technologies and new business needs. Rapid consolidations in the container liner industry are giving rise to uncertainties as well as opportunities. New shipping service deployments and products will hit the market, demanding adjustments and adaptations by not only terminal operators, but players big and small in the global supply chain.”
PSA handled 67.63m teu at its 40 terminals across 16 countries last year, up 5.5% year-on-year, with its flagship Singapore terminals accounting for 30.59m teu.