SINGAPORE posted new highs for annual vessel arrival tonnage, container throughput, total bunker sales, sales of alternative bunker fuels, and total tonnage of ships under the country’s flag in 2024.
Total business spending by key maritime companies overseen by the Maritime and Port Authority of Singapore (MPA) increased 8.3 per cent to S$5.2 billion in 2024 from S$4.8 billion in 2023.
The new records were achieved against a backdrop of geopolitical conflicts and strained global supply chains, noted Murali Pillai, Minister of State for Law and for Transport, in an update on Singapore’s maritime performance he gave at the annual Singapore Maritime Foundation’s “New Year Conversations” event at Orchard Hotel on Wednesday (Jan 15).
The outlook for 2025 is likely to be shaped by geopolitical dynamics and shifting trade patterns. The major shipping segments – namely bulk carriers, container ships, tankers and specialised vessels – are expected to continue performing better than in the pre-pandemic years.
Yap Wei Yim, associate professor and head of the Maritime Management Minor School of Business at Singapore University of Social Sciences, told The Business Times that Singapore’s strategic location will benefit it as intra-Asia container trade continues expanding.
He said: “The size of intra-Asia trade is more than double the volume of containers that are transported in Asia-Europe trade. Asia-Europe trade is a key contributor to Singapore’s transhipment business.
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“Expanding trade ties between South-east Asia and the rest of Asia will see intra-Asia container volumes reach three times the volume of containers transported on the Asia-Europe trade by 2030.”
Singapore’s port recorded 3.1 billion annual gross tonnage in annual vessel arrival tonnage or arriving ship traffic in 2024, up marginally by 0.6 per cent over 2023.
Annual vessel arrival tonnage – the internal volume of all ships that arrive in a year, including their engine room and non-cargo spaces – is a common maritime industry measure of vessel traffic calling at a port.
Container throughput handled by the two port operators, PSA Singapore and Jurong Port, hit 41.1 million twenty-foot equivalent units (TEUs), up from 39 million TEUs in 2023. Around 90 per cent of Singapore container throughput is for transshipment to other destinations, as the Republic remains the world’s largest container transshipment hub.
Bulk carriers, container ships and tankers each accounted for about a third of arriving ship traffic in 2024, with bulk carriers also achieving a record high.
Other vessel categories, such as specialised vessels, ferries and cruise liners, made up the remainder of arriving ship traffic. This diverse distribution reinforces Singapore’s position as a global hub, supporting the range of global shipping carrying commodities, containers, energy supplies and various trades.
The world’s largest bunkering port
Singapore was the world’s largest bunkering port, supplying more than a sixth of the total fuel used by global shipping. Bunkering refers to the process of supplying fuel to ships.
About 54.9 million tonnes of bunker sales were made, a 6 per cent year-on-year increase.
This increase was due in part to the detour made by vessels in the Asia-Europe shipping routes via the Cape of Good Hope in South Africa to avoid rebel attacks on merchant vessels in the Red Sea.
Meanwhile, sales of alternative bunker fuels doubled to 1.3 million tonnes.
More than 30 maritime companies spanning shipping, legal, insurance, shipbroking and marine technology set up or expanded their operations in Singapore during the year, adding to the nearly 200 international shipping groups in the city-state.
The total tonnage of ships under the Singapore flag reached 108 million gross tonnage, an increase of 8.5 per cent over 2023. Singapore is one of the world’s top five ship registries, said MPA.
Murali also spoke about the initiatives the sector is taking to bring Maritime Singapore forward, including accelerating industry transformation, building strategic partnerships at home and abroad, and enhancing the maritime workforce.
