ShippingWatch

PSA CEO: Market changing at unprecedented pace

PSA International was impacted across the board by the struggling shipping markets during the past year, where especially the Chinese slowdown meant declining freight volumes for the Singapore-based company. A market in transformation, says the CEO.

Photo: Damian Dovarganes/AP/POLFOTO/arkiv

Singapore-based PSA International, which is the world's largest port and terminal company, did not manage to escape unharmed from the extremely weak shipping markets in 2015.

The terminal company's revenue fell by 6.7 percent from USD 3.8 billion down to USD 3.5 billion in 2015, while the net result came to USD 1.2 billion this year, compared to USD 1.4 billion in 2014. A decline of 9.5 percent, according to a corporate statement.

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