LOWER charter hire costs and PSA charges have helped Samudera Shipping Line's full-year profit surge 79 per cent to $12.6 million from $7 million in 2001 even as turnover dipped 1.3 per cent to $491.2 million.

Earnings per share swelled to 2.76 cents from 1.54 cents in the previous year and net asset value per share grew to 41.88 cents from 40.54 cents. A final dividend of 0.5 cent per share has been declared.

As the world's leading container transhipment hub, PSA has leveraged on its close ties with its shipping line partners to create a platform for the world's top shipping personalities to meet annually.

The International Advisory Council (IAC) was formed soon after PSA was corporatised in October 1997. At their annual meeting, the council members review topical issues and discuss new developments that affect the port and shipping industry.

These meetings have proven to be beneficial to the IAC members as well as to PSA, as it gains valuable insights that help it to shape new ways of serving its partners better.

This year's IAC meeting was held at the Ritz-Carlton Millenia from 27 to 29 June.

On the programme was a courtesy call on Prime Minister Goh Chok Tong.

As seen in the picture above with the Prime Minster and PSA's top leaders, the IAC meeting was attended by:

Takao Kusakari, President, Nippon Yusen Kaisha, and Capt Wei Jiafu, Group President and Chief Executive Officer, China Ocean Shipping (Group) Company, were unable to attend this year's meeting.