diff --git a/stable/jfrog-platform/CHANGELOG.md b/stable/jfrog-platform/CHANGELOG.md
index 6d9e72b42..3c1658f3c 100644
--- a/stable/jfrog-platform/CHANGELOG.md
+++ b/stable/jfrog-platform/CHANGELOG.md
@@ -1,6 +1,13 @@
 # JFrog Platform Chart Changelog (GA releases only)
 All changes to this chart will be documented in this file.
 
+## [10.16.3] - Dec 6, 2023
+* Update dependency artifactory chart version to 107.71.5
+* Update dependency xray chart version to 103.86.4
+* Update dependency insight chart version to 101.16.2
+* Update global.versions.router version to `7.87.0`
+* Fixed an issue to use custom postgres DB port other than default 5432
+
 ## [10.16.2] - Nov 10, 2023
 * Update dependency artifactory chart version to 107.71.4
 * Update dependency xray chart version to 103.85.5
diff --git a/stable/jfrog-platform/Chart.lock b/stable/jfrog-platform/Chart.lock
index 2db93c8c3..3cdcc50b5 100644
--- a/stable/jfrog-platform/Chart.lock
+++ b/stable/jfrog-platform/Chart.lock
@@ -10,18 +10,18 @@ dependencies:
   version: 12.10.1
 - name: artifactory
   repository: https://charts.jfrog.io/
-  version: 107.71.4
+  version: 107.71.5
 - name: xray
   repository: https://charts.jfrog.io/
-  version: 103.85.5
+  version: 103.86.4
 - name: distribution
   repository: https://charts.jfrog.io/
   version: 102.20.3
 - name: insight
   repository: https://charts.jfrog.io/
-  version: 101.15.4
+  version: 101.16.2
 - name: pipelines
   repository: https://charts.jfrog.io/
-  version: 101.44.5
-digest: sha256:15d219e1983ce1ab5c8d759f2814c645ab359c4e779a9e0c79b3caa529945d31
-generated: "2023-11-09T11:25:20.649655+05:30"
+  version: 101.49.6
+digest: sha256:4847f218a834270716d385021c95ecda71d7c05793bc6ee8a15068fa265e7080
+generated: "2023-12-06T16:59:30.106029+05:30"
diff --git a/stable/jfrog-platform/Chart.yaml b/stable/jfrog-platform/Chart.yaml
index e22bd3174..c80a57f72 100644
--- a/stable/jfrog-platform/Chart.yaml
+++ b/stable/jfrog-platform/Chart.yaml
@@ -1,5 +1,5 @@
 apiVersion: v2
-appVersion: 7.71.4
+appVersion: 7.71.5
 dependencies:
 - condition: postgresql.enabled
   name: postgresql
@@ -16,11 +16,11 @@ dependencies:
 - condition: artifactory.enabled
   name: artifactory
   repository: https://charts.jfrog.io/
-  version: 107.71.4
+  version: 107.71.5
 - condition: xray.enabled
   name: xray
   repository: https://charts.jfrog.io/
-  version: 103.85.5
+  version: 103.86.4
 - condition: distribution.enabled
   name: distribution
   repository: https://charts.jfrog.io/
@@ -28,11 +28,11 @@ dependencies:
 - condition: insight.enabled
   name: insight
   repository: https://charts.jfrog.io/
-  version: 101.15.4
+  version: 101.16.2
 - condition: pipelines.enabled
   name: pipelines
   repository: https://charts.jfrog.io/
-  version: 101.44.5
+  version: 101.49.6
 description: The Helm chart for JFrog Platform (Universal, hybrid, end-to-end DevOps
   automation)
 home: https://jfrog.com/platform/
@@ -55,4 +55,4 @@ name: jfrog-platform
 sources:
 - https://github.com/jfrog/charts
 type: application
-version: 10.16.2
+version: 10.16.3
diff --git a/stable/jfrog-platform/files/setupPostgres.sh b/stable/jfrog-platform/files/setupPostgres.sh
index 3a7c879f8..69cd53661 100644
--- a/stable/jfrog-platform/files/setupPostgres.sh
+++ b/stable/jfrog-platform/files/setupPostgres.sh
@@ -115,7 +115,7 @@ setupDB(){
 
 ## Set Postgres options
 [[ -z "${POSTGRES_PATH}" ]] && PSQL=psql || PSQL=${POSTGRES_PATH}/psql
-POSTGRES_OPTIONS="sslmode=${DB_SSL_MODE} --host=${DB_HOST} -U ${PGUSERNAME} -w"
+POSTGRES_OPTIONS="sslmode=${DB_SSL_MODE} --host=${DB_HOST} -p ${DB_PORT} -U ${PGUSERNAME} -w"
 
 init
 
diff --git a/stable/jfrog-platform/values.yaml b/stable/jfrog-platform/values.yaml
index 10a2094db..bf0131311 100644
--- a/stable/jfrog-platform/values.yaml
+++ b/stable/jfrog-platform/values.yaml
@@ -23,7 +23,7 @@ global:
   ## For example : For artifactory, using global.versions.artifactory
   ## Note: Order of preference is 1) global.versions 2) .Values.artifactory.image.tag 3) Chart.AppVersion
   versions:
-    router: 7.81.0
+    router: 7.87.0
   #   artifactory:
   #   xray:
   #   distribution:
@@ -224,7 +224,7 @@ redis:
 artifactory:
   enabled: true
   unifiedUpgradeAllowed: true
-  installerInfo: '{"productId": "Helm_JFrogPlatform/{{ printf "10.16.2-%s" .Chart.AppVersion  }}", "features": [ { "featureId": "Platform/{{ printf "%s-%s" "kubernetes" .Capabilities.KubeVersion.Version }}"}]}'
+  installerInfo: '{"productId": "Helm_JFrogPlatform/{{ printf "10.16.3-%s" .Chart.AppVersion  }}", "features": [ { "featureId": "Platform/{{ printf "%s-%s" "kubernetes" .Capabilities.KubeVersion.Version }}"}]}'
   postgresql:
     enabled: false
   waitForDatabase: false