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 | Friday, April 14, 2000, updated at 13:56(GMT+8) | ||||||||||||
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Big Growth Seen in PSA Joint-Ventures in ChinaChairman of the Port of Singapore Authority Corporation (PSA) Yeo Ning Hong told a press conference Thursday that PSA's joint-ventures in China registered significant growth in 1999 and their performance was "excellent."In reply to a question at the press conference held to announce PSA's annual performance for 1999, Yeo said throughput of the Dalian Container Terminal (DCT), PSA's joint-venture project with the Port of Dalian Authority (PDA) in Northeast China, hit 628,471 Twenty-feet Equivalent Units (TEUs) in 1999, an impressive 32.3 percent growth over 1998, and the Fuzhou Qingzhou and Fuzhou Aofeng terminals, PSA's second port joint venture in China in partnership with the Fuzhou Port Authority in Southeast China, also saw significant growth in 1999, chalking an increase of 36 percent over 1998 with a throughput of 240,500 TEUs. He also noted that customer's endorsement earned the DCT the distinction of "Best Emerging Container Terminal" at the inaugural LLoyd's List Maritime Asia Awards in November 1999. According to PSA's annual report released at the press conference, the Dalian Container Terminal and Fuzhou Qingzhou Container Terminal won the titles of Best container Terminal and the Excellent Container Port, respectively, at the China Freight Industry Awards organized by the China Shipping Gazette. The report also shows that the two enjoyed the highest growth rates among PSA's 10 overseas ventures. The report attributed the significant growth of PSA's joint- ventures in China to the strength of China's buoyant economy, excellent support from the Chinese authorities and their customers, as well as improvement in the terminal operations. On PSA's general performance, Yeo said that the PSA Corporation made good progress in 1999, registering 5.3 percent increase over 1998 with 15.9 million TEUs handled and the PSA Group reaped 1,103 million Singapore dollars (650 million U.S. dollars) in net profit before tax, up 18 percent over 1998. Yeo said the year 2000 looks promising for the port and shipping industry, citing that PSA Corporation handled a phenomenal 4.2 million TEUs in the first quarter of this year, representing a 15.4 percent increase compared to the same period in 1998.
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