Blame it on anemic global trade.
Flagship PSA Singapore terminals could only do so much, but with the a lack of robust global trade activity, their contributions are bound to dip.
According to a press release by PSA International, Singapore terminals contributed 30.62m twenty-foot equivalent units (TEUs) of containers, compared to 33.48m TEUs from PSA terminals outside Singapore.
Tan Chong Meng, CEO of PSA said 2015 was a tough year, with the dropping numbers reflecting unsteady economic conditions.
“Trade in the second half of the year was particularly lacklustre, and this added to the pressures that were already building up due to structural shifts such as ship upsizing, sustained overcapacity, changes in liner alliancing, and the effect of prolonged lower oil prices,” Tan Chong Meng said.
Meanwhile, Tan Chong Meng adds that PSA is trying to buck the economic conditions and focus on improving its facilities and productivity instead.
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