The Port of Singapore sustained its performance in 2016, amidst weaker-than-expected global economic conditions and significant structural changes in the maritime industry.
Annual vessel arrival tonnage increased by 6.3 per cent in 2016 compared to 2015, reaching 2.66 billion gross tonnes (GT). Container ships, bulk carriers and tankers were the top contributors, each accounting for around 30 per cent of total vessel arrival tonnage.
Singapore remained the world’s top bunkering port in 2016. The total volume of bunkers sold in the Port of Singapore grew 7.7 per cent to 48.6 million tonnes, compared to 45.2 million tonnes in 2015.
Container throughput achieved 30.9 million twenty-foot equivalent units (TEUs) in 2016, similar to 2015. Singapore port held its volumes steady despite the challenges - the current poor global economic conditions and lower trade volumes, the collapse of Hanjin Shipping (117930.KS)
and the uncertainty of shifting alliances.
The total cargo tonnage handled last year increased by 3.0 per cent over 2015 to reach 593.3 million tonnes.
The Singapore Registry of Ships maintained its growth momentum. Compared to 2015, the total tonnage of ships under MPA’s register grew by 2.0 per cent or 1.7 million GT. In 2016, the total tonnage of ships under the Singapore flag climbed to 88.0 million GT, from 86.3 million GT in 2015, consolidating Singapore’s position as one of the top 10 ship registries in the world.
UNCTAD has also ranked Singapore as the second most connected country in the world for two years in a row, based on port connectivity, offering shipping companies seamless global trade connectivity.
The World Economic Forum (WEF) Port Infrastructure Rankings
put Singapore as having the second best port infrastructure - reflecting our commitment to continually invest in our port to maintain high service standards.
Singapore continues to attract a diverse range of maritime businesses and is now home to over 130 international shipping groups and more than 5,000 maritime establishments. The maritime cluster employs more than 170,000 people and contributes some seven per cent to Singapore’s Gross Domestic Product.
Andrew Tan, Chief Executive of MPA, said, “2016 was an eventful year for the shipping industry with further changes in the mega-alliances, new mergers and acquisitions, continued excess capacity and depressed rates amidst slower global growth. Despite these challenges, Maritime Singapore sustained its position. 2017 will be another pivotal year. The maritime industry will not only have to navigate through new geopolitical uncertainties and changes in alliance structures, but also new international regulations that will come into effect this year.”