PSA International highlights some of the challenges facing container shipping industry

“Looking ahead, I foresee persisting challenges – the volatility, uncertainty and unevenness of growth that plagued 2013 will stubbornly remain as common features for 2014,” said group chairman Fock Siew Wah. “The container shipping and port industry has been rocked by game-changing developments in recent years which precipitated the shake-up we have seen in 2013,” noted group ceo Tan Chong Meng. PSA International posted 61.81m teu in 2013, increasing 2.9% from the previous year. Net profit for the year increased by 13.4% to S$1.43bn, partly attributed to one-off income from asset disposals. [28/03/14]