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Activating Offshore Businesses & Building World Class Ports - Speech at Portech Asia 2007

I am delighted to share with you today, PSA's experience in activating its offshore business and building World Class Ports all around the world.


As most of you probably know, PSA's roots can be traced to the small island of Singapore , which has a population of about 4 million people today.

There, PSA opened its first container berth at Tanjong Pagar on 23 June 1972 when M.V. Nihon arrived with 300 containers from Rotterdam . With that, Singapore became the first port in Southeast Asia to accommodate a third generation container vessel, making it an important link in the new chain of global container ports. It also marked the beginning of containerisation in Singapore , and the start of a journey which propelled PSA to become one of the global leaders of port management today.

The container trade got off to a slow start in the 1970s. It was in the 1980s that the rapid increase in world trade boosted Singapore 's container port growth. In 1982, PSA in Singapore handled 1 million TEUs, in 1986, 2 million TEUs, and 1989, 4 million TEUs.

PSA pioneered the container transhipment in Singapore and developed it into a business. The whole region, comprising, Southeast Asia and beyond, formed PSA's transhipment hinterland.

As the port container volumes kept on growing, PSA added a second terminal (Keppel) in the 1980s, and then a third Terminal (Brani) in the early 90s. In 1990, PSA's annual throughput hit 5.22 million TEUs, making Singapore the world's busiest container port. The volumes doubled 4 years later to 10 million TEUs. By the year 2000, when it officially opened a new terminal at Pasir Panjang, PSA was handling 17 million TEUs at its container terminals in Singapore .

In parallel to the rapid expansion of its container operations in Singapore, PSA embarked on a series of corporate developments which would eventually pave the way for it to develop its businesses outside of Singapore and become one of the world's leading port operators.

From 1964-1997, PSA stood for the Port of Singapore Authority . That changed on 1 October 1997, when PSA corporatized and was succeeded by PSA Corporation Ltd, which is a wholly-owned subsidiary of Temasek Holdings. Meanwhile, PSA's regulatory functions were taken over by a new statutory board, the Maritime and Port Authority of Singapore.

(October 25,2007)

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