The Port of Sihanoukville, Cambodia's primary maritime gateway, has reported a remarkable surge in container volume for the year 2023. A...
The Port of Sihanoukville, Cambodia's primary maritime gateway, has reported a remarkable surge in container volume for the year 2023. According to the latest report released by the state-owned Sihanoukville Autonomous Port (PAS), there has been a substantial increase of 6.35 percent in container throughput compared to the previous year.
In numerical terms, the port managed a total of 797,778 20-foot-equivalent units (TEUs) last year, signifying a substantial advancement from the 750,148 TEUs recorded in the preceding year. Moreover, the report highlights a significant uptick in containerized cargo tonnage, which surged by 12.7 percent, reaching 7.89 million tons compared to the 7 million tons handled in the previous year.
Thay Rithy, Deputy Director General of PAS, expressed satisfaction with the port's performance, noting that PAS now shoulders approximately 60 percent of Cambodia's cargo traffic. This robust performance underscores the pivotal role of the Port of Sihanoukville in driving Cambodia's economic growth forward.
Financial data disclosed by PAS to the Cambodia Securities Exchange (CSX) further substantiates the port's strong performance. PAS reported a significant surge in net profit, marking a notable 45 percent increase to approximately 30.5 million U.S. dollars for the year 2023, compared to 21 million dollars in the preceding year.
In contrast to the positive trajectory of the Port of Sihanoukville, the state-owned Phnom Penh Autonomous Port (PPAP) faced challenges in 2023. PPAP, Cambodia's second-largest container hub, experienced a decline in container throughput, recording a 5 percent drop to 396,225 TEUs from 417,696 TEUs in the previous year.
Financial records indicate a significant setback for PPAP, with a notable 36.3 percent decline in net profit, plummeting to 9.1 million dollars in 2023 from 14.3 million dollars in the preceding year.
The divergent performance of Cambodia's major ports underscores the dynamic nature of the maritime trade landscape. While the Port of Sihanoukville thrives, buoyed by robust cargo traffic and financial gains, Phnom Penh Autonomous Port grapples with operational challenges, reflecting the complexities inherent in the maritime industry.
As Cambodia continues to position itself as a key player in regional trade dynamics, the performance of its maritime infrastructure remains crucial. The Port of Sihanoukville's growth trajectory signals optimism for Cambodia's maritime sector, highlighting the importance of strategic investments and operational efficiency in fostering sustainable economic development. Conversely, challenges faced by Phnom Penh Autonomous Port underscore the imperative for adaptive strategies and concerted efforts to enhance competitiveness in the global maritime arena.
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