by Lloyd's List

27 December 2024 (Lloyd's List) - PSA Singapore has achieved a new annual throughput record of over 40m teu in 2024, surpassing the previous high of 38.8m teu in 2023.

The milestone underscores the port’s position as the world's largest transshipment hub and its role as a vital gateway for global trade.

PSA, the main operator of the world's second busiest container port after Shanghai, whose box throughput topped 50m teu this year, has seen increased volumes this year as shippers redirected cargo following the Red Sea crisis.

PSA Group chief executive Ong Kim Pong said the achievement exemplifies PSA's commitment to enabling resilient and efficient cargo flows.

“Building 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’s Node to Network strategy,” Ong said.

Singapore is currently undertaking a massive expansion, best exemplified by its ambitions for the Tuas Megaport project.

The project has been split into four phases, eventually offering an annual handling capacity of 65m teu in about two decades, when it will become the world's largest fully automated container terminal.

All of Singapore's existing operations - Tanjong Pagar, Keppel and Brani Terminals - will move to Tuas by 2027, with operations at Pasir Panjang Terminal transferring in the 2040s.