PSA International reports handling a record 100.2 million containers in 2024
SINGAPORE : PSA International (PSA) handled a record number of containers worldwide in 2024 despite escalating geopolitical tensions and greater maritime uncertainty.
The Singapore port operator reported on Jan 16 that it handled 100.2 million twenty-foot containers, or twenty-foot equivalent units (TEUs), across its port terminals during the year, up 5.6 per cent on 2023.
It is also the first time PSA has reported a container throughput of more than 100 million TEUs in a single year, it said.
Container throughput refers to the total number of containers handled by a port or terminal over a specific period.
PSA’s terminal in Singapore achieved a throughput of 40.9 million TEUs in 2024, up 5.5 per cent from 2023. Its terminals outside the country handled 59.2 million TEUs, an increase of 5.7 per cent.
The port operator’s record throughput came amid increasing geopolitical uncertainty that has impacted the shipping industry worldwide. For example, escalating violence in the Middle East has made sailing through the Suez Canal and the Red Sea too risky for many shipping lines.
As a result, ships transporting cargo between Asia and the West are taking the longer and more challenging route around Africa’s Cape of Good Hope, prompting shipping lines to deploy additional vessels and containers to ensure the timely delivery of goods.
Other uncertainties, such as threats of dock worker strikes across some of the largest ports in the US, also spurred retailers to order goods early to avoid shortages during the festive season. Meanwhile, businesses such as carmakers that rely on parts made overseas stockpiled to avoid emergencies.
PSA Group Chairman Peter Voser said: “2024 has been a year of measured recovery for the global economy, shaped by ongoing geopolitical conflicts, trade tensions, national elections, fiscal pressures and fluctuating interest rates.” He added that PSA anticipates further economic uncertainty ahead.
The port operator has made investments and inked agreements with other stakeholders in the industry to ensure it is well-positioned for further global growth.
In November 2024, for example, Taiwanese shipping line Evergreen set up its first dedicated terminal in Singapore under a joint venture with PSA, a move that could see it move more containers through the Singapore port.
Such moves are also taking place amid the phased opening of Singapore’s $20 billion port in Tuas, which is operated by PSA and will be the world’s largest fully automated port when completed in the 2040s.
On Jan 15, the Maritime and Port Authority of Singapore said reclamation works for the second phase of the Tuas mega port are about 75 per cent complete, with 11 of its berths now operational.
More throughput can be expected at Tuas with seven more berths expected to be up and running by 2027.