Container terminal operator PSA International saw a 2% drop in its volumes across its portfolio in 2015 dragged down by an 8.7% drop at its flagship Singapore terminals.

PSA said it handled 64.1m teu worldwide in 2015 down 2% on 2014. Just under half of those volumes, 30.62m teu, were from its Singapore terminals which saw a 8.7% drop over 2014. By contrast its international terminals outside of Singapore saw a 5% increase in volumes in 2015 to 33.48m teu.

Tan Chong Meng, group ceo of PSA, commented: ‎"2015 was generally a tough year with weak trade growth reflecting unsteady global economic conditions. As such, we recorded lower overall throughput on a year-on-year basis, arising from volume reductions in a few of our terminals.

“Trade in the second half of the year was particularly lacklustre, and this added to the pressures that were already building up due to structural shifts such as ship upsizing, sustained over-capacity, changes in liner alliances, and the effect of prolonged lower oil prices,” he added.

PSA’s Singapore operations were hit by a slump in the Asia – Europe trade, changes in alliances and low bunker prices encouraging more direct services.

PSA’s Singapore terminals are a key transhipment hub on the Asia – Europe trade, with transshipment making up around 85% of its volumes on home soil.