Boston, MA -- (ReleaseWire) -- 04/15/2014 -- Singapore's role as a global transhipment hub is both its blessing and its curse. In times such as these, when key markets in Europe and the US are either recessionary or growing sluggishly, it can be hit by depleted freight volumes. In 2014 we forecast growth in both port and airport total tonnage volumes, albeit it will be sluggish. Both facilities are investing considerably, and we are confident of growth over the medium and long term.
Headline Industry Data
- 2014 air freight tonnage through Changi International Airport to grow 1.1% after a 0.8% expansion in 2013. Growth over our forecast period (2014-2018) to average 1.2% a year.
- The port of Singapore's gross tonnage will grow by 3.2% in 2014, with average annual growth at 3.2% during our forecast period.
- The country's overall trade will grow by 3.4% in real terms in 2014, to average 4.1% to 2018.
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Key Industry Trends
IAG To Offer Additional Air Freight Service: IAG Cargo, the cargo business of British Airways and Iberia, will launch an additional air freighter service, A380 super jumbo, to Singapore in late-2014. The new service is scheduled to operate to and from Singapore's Changi Airport and will mainly support the ever growing pharmaceuticals industry in the country.
PSA Records 2.9% Rise In Container Throughput: Singapore-based international ports operator PSA International (PSA) recorded a 2.9% year-on-year (y-o-y) rise in container throughput at its port projects globally to 61.81mn twenty-foot equivalent units (TEUs) in 2013. The contribution from the flagship PSA Singapore Terminals reached 32.24mn TEUs, an increase of 3.1% y-o-y, while PSA terminals outside Singapore posted a 2.7% y-o-y rise to 29.57mn TEUs.
Government Undertakes Mega Port Project To Lure Goods: Singapore is constructing a mega port to increase its annual container handling capacity to 65mn. The project to double the capacity will allow Singapore to serve South Korea-based Samsung Electronics and Honda Motor, which have announced the setting up of new factories in Vietnam and Thailand respectively. The mega port is being built on the west of the current 1,000-hectare site.
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