PSA International, the Singapore-based port operator, posted a decrease in volumes over 2022, but increases in revenue and profits.

The company’s flagship operations are in Singapore and Antwerp. Its global network comproses 160 locations in 42 countries. The company’s portfolio includes more than 40 deepsea, rail and inland terminals.

Over the 2022 calendar year, PSA International handled 90.9 million TEU, a decrease of 0.7% on the previous year.

The company’s Singapore operations contributed 37 million TEU and PSA’s terminals outside Singapore handled 53.9 million TEU. The company said both numbers were 0.7% lower than 2021 throughput.

While throughput decreased, revenue increased – by 71.2%. The company said this was due to acquisitions and higher storage income.

Profit from operations increased by 15.3% and overall net profit for the year increased by 13.1% from the previous year.

PSA International group chairman Peter Voser said 2022 was marked by unpredictability

“Even as Covid-19 transitioned to endemic for most major economies and people learned to live under a new normal, businesses and communities continued to face macroeconomic uncertainties arising from geopolitical challenges such as ongoing trade sanctions, the war in Ukraine; record inflation, rising fuel and energy costs, supply chain disruptions and growing climate-related pressures,” he said.

“Twenty twenty-two was a very significant year for PSA, as we inaugurated the mega Tuas port in Singapore and fully acquired global logistics solutions provider BDP International. These important milestones, amongst others, have extended our capabilities to serve cargo owners as a supply chain orchestrator and brings us closer to the goal of enabling more resilient and sustainable trade.”

PSA International group CEO Tan Chong Meng said the world experienced another challenging year in 2022.

“The PSA Group kept an even keel as we navigated the instability and turbulence caused by international conflicts, trade flow disruptions, economic upheavals and slowing demand growth around the world,” he said.

“In line with PSA’s long-term strategy, the organisation has now been restructured into two core businesses – Ports and Cargo Solutions, with mid-mile logistics being value-added services that we term ‘Port+’, which will be our unique service differentiator.”