PSA International Pte Ltd (PSA) handled 67.63 million TEUs of containers at its port projects around the world for the year ending December 31, 2016. The Group's volume increased by 5.5 per cent over 2015, with flagship PSA Singapore Terminals contributing 30.59 million TEUs (-0.1 per cent) and PSA terminals outside Singapore handling 37.04 million TEUs (+10.6 per cent), informed a release.

Mr Tan Chong Meng, Group CEO of PSA, said, "2016 served up another difficult year for the port and shipping industry. We had to grapple with sluggish global trade, weak demand for container shipment, sustained excess shipping capacity and depressed freight rates.

"Against this unsettling landscape, the PSA Group managed to achieve positive growth, and we are grateful to our customers and partners for their continued patronage and support at our terminals around the world. I would also like to convey deep appreciation to our unions and staff for their dedication and hard work in the face of the many challenges.

"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.

"At PSA, we believe these challenges will spur us to be more focused on our customers' needs, more innovative in our pursuit of win-win solutions and more united as a workforce. I am confident that we will emerge stronger from these hard times, alongside our people, our customers, partners and other stakeholders."