Introduction

PSA was previously called Port of Singapore Authority. Its mission and values statement is shown in Table cs4.1. Starting in 1964, PSA has now become much more than a giant Singapore-based shipping hub entity. In 2007, PSA handled tens of millions of TEUs, with volumes growing some 15 per cent from the previous year.

The signing of the contract to build and operate a major container port at the Panama Canal in March 2007 marked another milestone for PSA International (PSA) – it extends its global reach to yet another continent, the Americas. The new container port at the Panama Canal, the world's third busiest waterway, is slated to double Panama's port capacity and enhances PSA's position in the fast-growing trade between China and East Coast of America.

‘I am pleased that we have taken this important step to develop a major port facility on the Pacific coast, in tandem with the widening and expansion of the Panama Canal, which is currently underway’, said PSA chief executive Eddie Teh.

Within a few years of its globalisation plan, PSA has extended its reach to 25 ports in 14 countries in Asia, Europe and now the Americas. For the first time in the group's history, its overseas terminals handled more container boxes (27.3 million) than the 24.0 million through-put at Singapore.