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Singapore Shipping Report Q3 2011
Business Monitor International, June 2011, Pages: 85
Business Monitor International's Singapore Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Singapore's shipping industry.
Rising wages, a low unemployment rate and a stronger currency will spur private consumption growth in Singapore in 2011. On the external front, this report believes that demand will be buoyed by an improved outlook for the US and China. Overall, the report projects Singapore's real GDP to reach 5.1% in 2011 before dipping slightly to 4.3% in 2012. These figures bode well for the country's port and shipping sectors, as they should drive both imports and exports.
Headline Industry Data:
- Port of Singapore's gross tonnage will rise by 8.7% in 2011, with average annual growth of 4.7% during the forecast period.
- Port of Singapore box handling set to grow 11.3% in 2011, with average annual growth of 5.6% over the forecast period.
- The country's overall trade will grow by 6.3% in real terms this year.
Key Industry Trends:
Singapore's MPA And PSA Launch US$16mn Port R&D Scheme - Singapore's Maritime Port Authority (MPA) and global port operator PSA International have signed a memorandum of understanding to conduct research and development to test new container terminals technology. Development of automated guided vehicles for future container terminals to reduce manpower and improve port productivity will be one focus of the project, as well as developing intelligent systems to streamline port planning and operations.
Singapore Container Volumes On The Up - The port of Singapore moved higher container volumes in March, according to preliminary estimates from the local port authority. March results recorded a rise both month-on-month and year-on-year.
Total throughput volumes were recorded at 2.5mn 20-foot equivalent units (TEUs) in March, up from 2.15mn TEUs in February. Last month's volume also rose from 2.41mn TEUs in March 2010, according to data from the Maritime and Port Authority of Singapore. In the first three months of this year, Singapore port moved a total of 7.06mn TEU containers, ahead of the 6.93mn TEUs in the same period of 2009.
Key Risks To Outlook:
The main risk to the outlook here is on the upside, with rising intra-Asia trade volumes, bolstered by the ASEAN-5's recent FTA with China, set to ensure further development in the country's freight transport sector in order to ensure it keeps up with demand.
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