PSA sees slower box traffic

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

20 Mar 2008

SINGAPORE, the world's busiest container harbour, will likely report slower growth this year as global economic uncertainty crimps cargo demand, according to the port's biggest operator. 'We'll see weaker growth this year, due to economic cooling,' Kuah Boon Wee, who heads PSA International's South-east Asia & Singapore terminals, told reporters in Shanghai yesterday. PSA's traffic growth at the port is likely to drop from the 12 per cent achieved in the first two months, he added. An economic slowdown led by the US may crimp consumer spending, slowing demand for products exported from Asia. Singapore also faces increasing competition from Shanghai, the world's second-busiest container port, Shenzhen and other Chinese harbours. PSA plans to add 26 container berths in Singapore by the end of 2012 because of rising trade, Mr Kuah said yesterday. It also plans to deepen berths, he said.PSA, the world's second-largest container terminal operator, handled 27.1 million containers in Singapore last year, 13 per cent more than in 2006. Traffic at its overseas facilities rose 16 per cent to 31.8 million containers.