Singapore - Singapore port operator PSA International Ltd on Friday reported a 7.3-per-cent increase in 2008 container volume from the year before.

It said it handled 63.2 million TEUs, or 20-foot equivalent units, a capacity equal to a standard 20-foot-by-8-foot (6-metre-by-2.4-metre) shipping container.

But it said its strong growth up to July was rapidly eroded by the collapse in demand on major trade lanes in the final quarter of the year.

PSA said its flagship terminal in Singapore handled 29 million TEUs in 2008, growing 7 per cent year-on-year, and helping Singapore maintain its premier position as the world's busiest container port for the fourth-consecutive year.

PSA's terminals outside Singapore recorded a throughput of 34.2 million TEUs in the same period, 7.7 per cent higher than that in 2007.

It said 2008 revenue increased 5.8 per cent to 4.4 billion Singapore dollars (2.91 billion US dollars) while net profit declined by 46 per cent to 1.04 billion Singapore dollars, largely because of lower yields, higher operating costs, impairment provisions and lower divestment gains.

Singapore operations accounted for 50 per cent of total turnover compared with last year's contribution of 51 per cent.

PSA said its European terminals contributed revenues amounting to 1.4 billion Singapore dollars, representing 32 per cent of the total turnover.

Revenues from PSA's China terminals remained at 4 per cent of total turnover while the newly acquired terminals in the Americas contributed 3 per cent.

PSA participates in 28 port projects in 16 countries across Asia, Europe and the Americas. (dpa)