Singapore PSA Terminal Operator Sets Record Passing 40 Million TEU in 2024
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\nIn what is being called a \u201csignificant milestone,\u201d Singapore\u2019s largest terminal operator PSA Singapore reported that as of December 24, it surpassed 40 million TEU handled at its terminal in 2024. Representing significant volume growth, it came as the port struggled to handle disruptions to the flow of traffic related to the diversions away from the Red Sea for containerships and an influx in transshipment volumes.<\/p>\n
\u201cIn what has been an eventful year for the industry, this achievement cements PSA Singapore\u2019s position as the world\u2019s transshipment hub of choice,\u201d said Nelson Quek, Regional CEO Southeast Asia for PSA International.<\/p>\n
PSA and the Maritime & Port Authority of Singapore at mid-year highlighted the significant disruption to schedules as vessels were diverted to sailing around South Africa and the Cape of Good Hope on trips to and from Europe. They said it was resulting in vessel bunching at the port, ships arriving days behind schedule, and an increase in transshipment volumes as ships skipped Asian ports to regain lost time on their schedules. They also reported increased box handling as ships were also using time on berth to shift containers to reflect changes in their schedules.<\/p>\n
Despite all the extra handling, PSA Singapore reports it surpassed 40 million TEU. This is up from 38.8 million TEU PSA handled in 2023, which was also the old record. Overall, in 2023, Singapore handled just over 39 million TEU.<\/p>\n
The volumes in Singapore continue to position the port as a rival to the large Chinese ports, which are the only others that regularly handle over 40 million TEU. Shanghai, however, remains the world\u2019s busiest port, reporting that it has surpassed 50 million TEU in 2024.<\/p>\n
\u201cThis record throughput for PSA\u2019s flagship terminal in Singapore is a remarkable milestone and exemplifies our commitment to keep global trade flowing,\u201d said Ong Kim Pong, Group CEO, PSA International. \u201c, said, \u201cBuilding on this positive momentum, we will strive to strengthen the synergies between our port operations and port-adjacent services, connecting our strategic nodes to create a more cohesive and integrated port ecosystem in line with PSA\u2019s Node to Network strategy. We remain dedicated to integrating advanced technology with our operational expertise, while working to reinforce our role as a reliable global port operator and a trusted partner for cargo stakeholders.\u201d<\/p>\n
Singapore is in the midst of a large expansion of its operations as it transitions from the older terminal to the massive new Tuas facility which when completed will have a capacity for more than 65 million TEU. Currently, 10 berths have opened at Tuas with number 11 expected to start operations in the coming days. When completed, the terminal will have 66 container berths.<\/p>\n
PSA reports it started construction on a new warehouse at Tuas investing US$475 million for a facility with advanced robotics and automation. Due to open in 2027, it will handle dangerous goods and cold storage ranging from chemicals to pharmaceuticals.<\/p>\n
Singapore\u2019s development timeline calls for the existing operations of Tanjong Pagar, Keppel, and Brani Terminals, to move to Tuas by 2027. PSA\u2019s existing Pasir Panjang Terminal, which reopened berths in 2024 to accommodate the disruptions in schedules and reduce the vessel backlog, will continue to operate into the 2040s before transitioning to Tuas. Currently, PSA reports at Tuas and Pasir Panjang it operates 55 berths with a capacity to handle 43.9 million TEU annually. \u00a0The company also operates the first dedicated car terminal in Singapore, which opened in 2009, at Pasir Panjang.
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