It was a year of measured recovery in 2024 as the global economy continued to experience headwinds. Geopolitical and trade tensions, ongoing conflicts, fiscal and inflationary pressures, and volatile interest rates — further complicated by shifting cross-border trade policies in the wake of post-election outcomes — dampened growth. Furthermore, extreme weather events triggered devastating natural disasters, and ongoing global supply chain disruptions continued to challenge key markets and businesses.

At PSA, we focused on working closely with our stakeholders across the Group’s diverse portfolio of ports, supply chain solutions, marine, and digital businesses to drive sustainable value and growth.

The year also marked a significant leadership transition from Tan Chong Meng to Ong Kim Pong. On behalf of the Board, I extend my heartfelt gratitude to Chong Meng for his exceptional leadership and stewardship of PSA over more than a decade. I am pleased to note that the transition has been smooth, ensuring continuity and momentum in our Group’s growth and transformation. Under Kim Pong’s leadership, PSA made a strong start in 2024, delivering robust strategic and operational results that reinforce our commitment to service excellence and long-term value creation.

Amongst our achievements was the record handling of 100.2 million Twenty-foot Equivalent Units (TEUs) across our global port terminals. This historic milestone marks the first time PSA has surpassed 100 million TEUs in a single year.

For the year closing on 31 December 2024, the Group also recorded overall revenue of SGD 7.7 billion and net profit of SGD 1.1 billion.

In an increasingly dynamic business environment, advancing our strategy of investing in infrastructure, innovation and partnerships has served to ramp up our resilience and capabilities as a leading global port operator and supply chain solutions provider.

One such investment is the ongoing development of Tuas Port in Singapore, which saw the groundbreaking of the PSA Supply Chain Hub @ Tuas (PSCH) on 18 October 2024. Scheduled for completion by 2027, PSCH will seamlessly integrate eco-friendly, state-of-the-art technologies — including a regional distribution centre, container freight station, Automated Storage and Retrieval Systems (ASRS), and the Intelligent Warehouse eXchange (iWX). This milestone, achieved through the collaborative efforts of many, marks a significant step in PSA’s journey toward building a more connected and sustainable supply chain ecosystem in Singapore. I am truly delighted to see our Group’s vision taking shape.

Global complexities such as economic fluctuations, evolving trade regulations, and increasingly dire social and environmental issues have made it more challenging for companies to operate. However, they also present opportunities for us to step up as responsible corporate citizens.

PSA remains committed to the sustainable growth of our business, while fostering environmental stewardship and supporting the communities we interact with. In 2024, we spearheaded various environmental, social and governance (ESG) initiatives to drive progress towards our goal of net zero emissions by 2050. Sustainability remains deeply embedded in our operations, with a strong emphasis on governance, transparency, cybersecurity, and safety — key pillars in future-proofing our supply chains and businesses.

We strengthened our ability to assess and manage climate-related risks by incorporating six more of our business units’ Climate Risk Assessment and Adaptation (CRAA) results into our Group-level physical climate risk analysis. In addition, we integrated climate risk as a standalone risk within PSA’s Enterprise Risk Management (ERM) framework, enhancing our ability to evaluate risk exposure and implement mitigation strategies. These advancements bolster the resilience of our infrastructure, ensure operational continuity, build trust with customers, and position us for the future.

Throughout 2024, our Group actively reduced dependence on fossil fuels and minimised our environmental footprint by pursuing decarbonisation. We achieved 80% electrification and hybridisation of our cranes, expanded the adoption of electric prime movers and tractors, and leveraged self-generation facilities and procurement mechanisms to utilise 374,000 MWh of renewable energy for our operations.

In collaboration with the Maritime and Port Authority of Singapore (MPA) and various government and research agencies, we successfully launched simultaneous methanol bunkering and cargo operations at Tuas Port, supporting the transition to cleaner alternative fuels for curbing carbon emissions.

Through our logistics arm, PSA BDP, we introduced the Carbon Dashboard — a tool that enables PSA and our customers to measure carbon emissions more accurately. By providing actionable insights, the dashboard empowers stakeholders to make informed decisions on greener transport options, advancing our collective sustainability goals.

To accelerate the shift towards a more sustainable future, PSA continued to be actively involved in international alliances and cross-industry associations. These include the Global Logistics Emissions Council; Global Shipping Business Network; World Economic Forum’s (WEF) Supply Chain & Transport Industry Action Group; Energies Coalition for Transport and Logistics; and SGTraDex.

PSA is also a member of the Silk Alliance, which promotes maritime decarbonisation through strategic corridors. In alignment with this objective, PSA has partnered with MPA, the Port of Rotterdam Authority, and Japan’s Ministry of Land, Infrastructure, Transport and Tourism to develop green and digital shipping corridors.

In partnership with Nanyang Technological University and Chiyoda Corporation, PSA is conducting trials to assess hydrogen as a viable green energy source for horizontal transportation. As part of this initiative, we established Singapore’s first hydrogen refuelling station and deployed a hydrogen fuel cell electric prime mover at Pasir Panjang Terminal in Singapore.

Additionally, our external innovation arm, PSA unboXed — rebranded as PSA Ventures in January 2025 — is conducting a pilot trial with Amperesand on their solid-state transformer (SST) technology for next-generation electric prime mover charging facilities.

Reinforcing our commitment to innovation, PSA Singapore has pledged up to SGD 10 million to support the PSA-NUS Supply Chain Living Lab, a joint initiative with the National University of Singapore (NUS). This sandbox environment is designed to drive the development of community-centric solutions for supply chain optimisation, tackling critical supply chain challenges through innovative collaborations between industry and academia.

Over in Belgium, PSA completed the acquisition of Loconi Intermodal S.A., a leading intermodal operator in Poland that provides integrated logistics solutions, including rail transport, last-mile road transport and depot services for containerised cargo. The strategic acquisition will enhance connectivity for our container hubs in Europe and offer customers more options to execute the modal shift from road to rail.

In February 2025, PSA Ventures and the National Industrial Development and Logistics Program of the Kingdom of Saudi Arabia entered a strategic collaboration to identify, nurture, and invest in promising start-ups, while jointly developing Minimum Viable Products (MVPs) with a clear pathway to commercial scale.

In 2024, several PSA terminals achieved significant container handling milestones. PSA Singapore set a new throughput record of 40.9 million TEUs. Mersin International Port (MIP) reached a cumulative total of 25 million TEUs since its privatisation in 2007, while Saudi Global Ports (SGP) celebrated its 10 millionth TEU milestone since commencing commercial operations in 2015.

We were honoured to receive multiple industry awards which recognised our commitment to service excellence and sustainability.

At the Asian Freight, Logistics & Supply Chain Awards, PSA International and PSA Antwerp were awarded “Best Global Container Terminal Operator” and “Best Container Terminal — Europe” titles for the sixth time, respectively, while PSA Singapore clinched “Best Container Terminal — Asia” for the 33rd time. At the Supply Chain Asia Awards, PSA Singapore won “Container Terminal Operator of the Year” for the 16th consecutive time.

New Priok Container Terminal One was chosen as the “Best Terminal Operator — EcoPort Support” at the KSOP Utama Tanjung Priok Awards 2024 and “Green and Smart Port” by Indonesia’s Coordinating Ministry for Maritime and Investment Affairs.

In India, PSA Mumbai was recognised as “Container Terminal of the Year (Growth)” at both the India Maritime Awards and the India Maritime and Logistics Awards. The terminal also received a Special Recognition Award from Jawaharlal Nehru Port Authority for being the “Terminal with Best Green Initiatives”.

Across Europe and the Mediterranean, PSA Italy was named “Best Terminal Operator” at the Ship2Shore Awards 2024. Mersin International Port garnered three accolades: “Port Operator of the Year” at the Türkiye Atlas Logistics Awards for the 14th consecutive year, “Port with Most Cargo Handled” at the 3rd Maritime Summit organised by Türkiye’s Ministry of Transport and Infrastructure, and “Best Port of the Year” at the 37th International Consumer Quality Summit.

Reaffirming our commitment to fostering a positive workplace culture, PSA was listed as one of TIME’s “World’s Best Companies” in 2024. Additionally, PSA Singapore was conferred the “Champion of Good” title by Singapore’s National Volunteer and Philanthropy Centre, recognising our efforts to drive meaningful community impact.

In recognition of his steadfast contributions to the nation, our Group CEO, Ong Kim Pong, was honoured with the Public Service Medal by the Singapore government at the National Day Awards 2024.

In 2024, PSA companies and employees remained dedicated to giving back to their local communities through meaningful corporate social responsibility initiatives. These efforts encompassed hands-on volunteer work at welfare organisations, financial assistance for the underprivileged, participation in fundraising events, sponsorship of arts and cultural programs, and support for sustainability efforts such as community clean-ups.

Sustainable development remains central to our business strategy, with a strong emphasis on governance — enhancing transparency, cybersecurity, and safety — to build trust and resilience in a complex global landscape. We are committed to fostering a ‘spirit of stretch’, continuously challenging ourselves to achieve more, and striving for higher performance with sustainable outcomes.

This is the first time we are producing a combined Annual and Sustainability Report on our Group’s operational milestones, climate action initiatives, sustainability achievements and financial performance for 2024. I hope that you will find the Report both engaging and informative.

I extend my sincere gratitude to our Board of Directors for their invaluable insights in shaping our strategies and growth, and to our management, staff and unions, for their focus and dedication in propelling PSA to new heights. A special thanks to our customers, partners and stakeholders, for their trust and collaboration in our journey of transformation.

In an era of geopolitical shifts, rapid technological advances, and the urgency of climate action, PSA embraces a transformative mindset — one that looks beyond today’s challenges to drive innovation and collaboration in pursuit of a net-zero future by 2050. Now, more than ever, we must come together to push past limits and rethink the way global logistics works. Through smarter, more sustainable supply chains, we are committed towards moving the world’s goods, for the greater good — not merely preparing for the future, but shaping it. The steps we take today will create lasting impact, ensuring a resilient, greener world for generations to come.