PSA International

PSA Cargo Solutions and BDP International form new brand

PSA International’s business unit, PSA Cargo Solutions (Cargo Solutions) will combine with PSA’s subsidiary BDP International to form a new brand, named PSA BDP.

The new company will be led by Mike Andaloro who will serve as PSA BDP’s CEO. At the same time, he will lead the new company’s Sales and Operations.

Earlier in April 2022, PSA International bought BDP and the new PSA BDP brand aims to blend the complementary strengths and capabilities of both companies.

Since the acquisition, Cargo...

https://container-news.com/psa-cargo-solutions-and-bdp-international-form-new-brand/

COSCO, Hutchison Ports and PSA in eBL agreement

Global Shipping Business Network (GSBN), Saudi Basic Industries Corporation (SABIC), COSCO SHIPPING Lines, Hutchison Ports and PSA International have signed a non-binding memorandum of understanding (MoU) to enable paperless trade.

The agreement will see all signatories leveraging the electronic Bill of Lading (eBL) for export shipments by the shipper SABIC via COSCO SHIPPING’s vessels to ports in Asia operated by Hutchison Ports and PSA.

Additionally, structured data from the eBL issued via...

https://container-news.com/cosco-hutchison-ports-and-psa-in-ebl-agreement/

PSA International reports strong financial results amid slight container drop

PSA International achieved a huge year-on-year increase of 71.2% in its annual revenues reaching US$7.994 billion, driven by business acquisitions and higher storage income.

Additionally, the company’s profit from operations rose by 15.3% to US$2.165 billion, while PSA’s overall net profit for 2022 grew by 13.1%, reaching US$1.621 billion.

“Amidst the many challenges, we stayed focused on our strategic priorities and delivered a
commendable performance,” pointed out Peter Voser, chairman of PSA...

https://container-news.com/psa-international-reports-strong-financial-results-amid-slight-container-drop/

PSA seeks bidders for its CK Hutchison stake; China giants among potential buyers

Chinese state-owned giants, China Cosco Shipping Corp. and China Merchants Group, seem to be interested in acquiring PSA International Pte’s minority stake in Hong Kong’s CK Hutchison Holdings Ltd.

According to a Bloomberg report, PSA is seeking approximately US$4 billion for its 20% share of CK Hutchison’s ports assets, while the company is reported to have already begun early discussions with potential investors.

COSCO and China Merchants have not confirmed the reports at the time of writing.

The...

https://container-news.com/psa-seeks-bidders-for-its-ck-hutchison-stake-china-giants-among-potential-buyers/

PSA exceeds 90 million TEUs in 2022

PSA International has announced it handled 90.9 million TEUs at its port projects worldwide in 2022, which represents a 0.7% decline compared with 2021 box volumes.

The company’s flagship PSA Singapore reported 37 million TEUs with the remaining terminals of PSA outside Singapore reaching 53.9 million TEUs.

“The world experienced another challenging year in 2022 and although most countries were emerging from the global pandemic, many continued to suffer from the negative aftershocks which were...

https://container-news.com/psa-exceeds-90-million-teus-in-2022/

PSA Mumbai in India’s Nhava Sheva expands network reach via new intra-Asia service addition

PSA International-operated flagship Bharat Mumbai Container Terminals (BMCT) in India’s Nhava Sheva Port (JNPT) continues to expand its ocean network reach on the strength of greater productivity levels and superior harbour infrastructure.

The latest win is an intra-Asia weekly call jointly led by Cosco Shipping, KMTC, T.S. Lines and Emirates Shipping Line. The consortium has shifted calls of the AIS (Asia-India Subcontinent) service from APM Terminals Mumbai (GTI) to BMCT, starting with the...

https://container-news.com/psa-mumbai-in-indias-nhava-sheva-expands-network-reach-via-new-intra-asia-service-addition/

Drewry reports changes to global port capacity forecast, presents leading terminal operators

Widespread container shipping trade recovery in the wake of the Covid-19 pandemic has boosted the global terminal capacity outlook, supported by global terminal operators’ (GTOs) increased appetite for higher-risk greenfield projects to deliver long-term growth, according to Drewry’s latest Global Container Terminal Operators Annual Review and Forecast report.

Global container port capacity is projected to increase by an average annual rate of 2.4% to reach 1.38 billion TEU by 2026. However, the...

https://container-news.com/drewry-reports-changes-to-global-port-capacity-forecast-presents-leading-terminal-operators/

Indian apex court issues temporary stay on Tuticorin terminal contract termination

PSA International has won a temporary reprieve from the Indian Supreme Court against a terminal contract termination notice issued by the Tuticorin port authority, also known as V.O. Chidambaranar (VOC), near Chennai, India.

PSA-Sical Terminals, which began operations in 1998, has been mired in a protracted legal battle over royalty obligations towards VOC.

The stay order, restraining VOC from proceeding with any action against PSA-Sical, would remain in force until the matter is finally decided...

https://container-news.com/indian-apex-court-issues-temporary-stay-on-tuticorin-terminal-contract-termination/

Tuticorin terminal contract fiasco threatens PSA’s investment push in India

PSA International’s growth aspirations in India have received a jolt after the country’s southern Tuticorin Port authority, also known as V.O. Chidambaranar (VOC), last week issued a notice of termination to PSA-Sical Terminals over long unsettled royalty obligations.

“Till date, PSA Sical has not paid the royalty dues nor approached this port for payment of the royalty dues. In terms of Article 13.4.5 of the License Agreement, the 90 days period of termination notice expired on 19 April 2022....

https://container-news.com/tuticorin-terminal-contract-fiasco-threatens-psas-investment-push-in-india/

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