PSA International handles record container volumes but earnings suffer in challenging market conditions

PSA International (PSA) increased handling volumes by 4% year-on-year to a record 94.8m teu across 2023 despite the challenges in the market posed by high inflation and geopolitical tensions.

PSA Singapore contributed 38.8m teu to the total throughput while terminals outside of Singapore recorded volumes of 56m teu, with both rising by 5% and 4% year-on-year.

However, revenue decreased by 11% to US$7.1bn and net profit fell by 6% to US$1.5bn because of cost inflation and higher financial costs.