The company’s Singapore Terminals handled 23.98m teu, up 7.6% year-on-year, while volumes at overseas terminals in Europe, China and other parts of Asia reached 27.31m teu, an increase of 30.2%. This was the first time that the group’s overseas operations handled more then Singapore Terminals. Double-digit growth in container volumes was translated into a modest 1.6% growth in revenues, up to US$3,736.4m.
In preparation for handling bigger ships, PSA has made significant capital investments to build new berths at Pasir Panjang Terminal in Singapore and at Antwerp’s Deurganck Terminal. New berths are also being constructed at terminals in Incheon and Tianjin. In April 2006 the group made its single largest overseas investment with the purchase of a 20% stake in Hutchison Whampoa’s global portfolio of ports.