Looking back at the past two years, it would be no stretch of the truth to say that they have been characterised by uncertainty, unrest and the unexpected. The COVID-19 pandemic paralysed many parts of the world in 2020, and we were left reeling from the aftershocks in 2021. Even into 2022, the confluence of fluctuating global demand, geopolitical shocks and widespread supply chain disruptions continues to impact the unevenness of economic recovery and trade flows across the world.

In these times of uncertainty, it has become crucial and apparent that we must rewire our processes and partnerships as an industry to create more agile, resilient and sustainable supply chains. This has been PSA’s focus for the last few years, and it remains all the more important in the year ahead – playing our part as a major ports and supply chain network to help our stakeholders achieve better and smarter cargo flow.

I am heartened to report that PSA powered through the waves of change to deliver a robust performance for 2021. Amidst a backdrop of widespread supply chain disruptions and congestions in 2021, coupled with uneven recovery in global trade and demand, the PSA Group registered a 5.6% increase in volume from the previous year, with a throughput of 91.5 million Twenty-foot Equivalent Units (TEUs) globally. PSA Singapore contributed a high of 37.2 million TEUs (+1.6%), while PSA terminals outside Singapore moved 54.3 million TEUs (+8.4%).

I would like to express my deepest gratitude to our Management, Staff and Unions who worked tirelessly as a team and in close partnership with all our stakeholders to keep supply chains safe and cargo moving across our network.

Enhancing our Network Value and Multimodal Connectivity
To augment our operational capabilities and reinforce our ability to enable supply chain resiliency, PSA has made several strategic partnerships and investments across the globe.

In the Middle East, PSA’s Saudi Global Ports (SGP) was awarded a concession by the Saudi Railway Company (SAR) to develop and operate the Riyadh Dry Port (RDP) Ecosystem, comprising three facilities in Riyadh and Dammam. This will help to build a more efficient and resilient logistics ecosystem for customers in the region.

In Canada, Ashcroft Terminal inked a milestone agreement with retail giant Canadian Tire for the purchase of a 25 per cent stake in the terminal. The win-win partnership will drive the next phase of growth for Ashcroft Terminal, while allowing Canadian Tire to leverage Ashcroft Terminal’s strategic location for its supply chain needs.

Over in Europe, PSA Antwerp signed an agreement with the Felbermayr Group and Haeger & Schmidt Logistics to invest in PSA Breakbulk NV (PSA Breakbulk) under a renewed joint venture. The investment will see the three parties investing the necessary equipment and organisation on site, thus cementing PSA Breakbulk’s leading position in the breakbulk segment in the Port of Antwerp and allowing it to strengthen its position in the project cargo and heavy lifting market.