Singapore's Maritime Industry Reports Strong Performance
Singapore continues to be the world's top bunkering port, while its annual vessel arrival tonnage also saw growth in 2014, according to advance estimates announced by Transport Minister Lui Tuck Yew.
The Port of Singapore maintained its position as one of the busiest in the world as it recorded container throughput of 33.9 million TEUs (twenty foot equivalent units) in 2014, 4 percent more than the 32.6 million TEUs registered in 2013.
Vessel arrival tonnage rose 1.9 percent to 2.37 billion gross tonnes, while total tonnage of ships under the Singapore flag gained 11.7 percent to 82.2 million gross tonnes.
Containerships and tankers were the top contributors, with each accounting for around 30 percent of total vessel arrival tonnage, the advance estimates showed.
As for bunker sales, Singapore remained the world's top bunkering port last year, the press release stated. The total volume of bunkers sold in the Port of Singapore was 42.4 million tonnes, a slight dip compared to 42.7 million tonnes in 2013.
Singapore's performance was however not enough to displace China's Shanghai port, which earlier this week revealed a 2014 throughput of 35.29 million TEUs - making it the world's busiest container port for the fifth consecutive year.
Lui also pointed out that as one of the world's leading International Maritime Centres (IMC), Singapore continues to attract a broad range of maritime enterprises. It is now home to more than 130 international shipping groups and a total of 5,000 maritime establishments. The maritime cluster employs more than 170,000 people and contributes some seven percent to Singapore's GDP.
He said the industry’s outlook this year is challenging. Some improvement is possible, due more to falling costs than any increase in freight rates.
Lui said the Republic will continue to invest significantly in port infrastructure to further enhance Singapore’s competitiveness as a global hub port. Work on Phase 3 and 4 of Pasir Panjang Terminal is on schedule. By the middle of the year, probably five berths will be operational, he added.
