Boston, MA -- (ReleaseWire) -- 01/09/2014 -- 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. 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 1.8% contraction 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
Singapore Reveals US$8bn Expansion Plans: The government intends to invest SGD8.8mn (US$7mn) in expanding the capacity of its container port this fiscal year. The project, which is part of Prime Minister Lee Hsien Loong's push for an economic and popular revival, comes as the Port of Shanghai overtook Singapore to become the world's busiest port.
Cargo Handling Drops 2.5% At Changi Airport: Changi registered a 2.5% year-on-year (y-o-y) decline in cargo handling to 152,800 tonnes of freight in September 2013. Air cargo shipments at the air port climbed 0.7% y-o-y to 1.4mn tonnes in January-September.
CEVA To Open Logistics Centre: Global company CEVA Logistics intends to open its first Centre of Logistics Excellence in the Asia Pacific region at Changi. The centre will improve supply chain efficiency in Asia through optimisation and enhanced visibility, integrated services and technological solutions.
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