Boston, MA -- (ReleaseWire) -- 03/28/2014 -- Our outlook for the port of Singapore for 2014 is that it will not overtake the port of Shanghai for the crown of the world's largest container port. We now see such a scenario as unlikely to fall out, and we believe that Shanghai will increase its lead over Singapore, not only this year but over our medium-term forecast period to 2019. Nevertheless, growth in Singapore will remain positive, buoyed by a return to growth (albeit tentative and uneven) in Europe, and the ongoing recovery in the US.
Headline Industry Data
- Port of Singapore's gross tonnage will grow by 3.2% in 2014 and will expand at the same average rate over our medium-term forecast period to 2018.
- Port of Singapore box handling set to grow by 3.0% in 2014, with average annual growth set at 3.6% per annum over the medium term.
- The country's overall trade will grow by 3.4% in real terms in 2014 and will average 4.1% to 2018.
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Key Industry Trends
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.
Port Retains Global Lead In Bunker Sales: The port of Singapore registered good growth in 2013 and retained its position of global leader in bunker sales during the year, according to the Maritime and Port Authority of Singapore. The port recorded a 2.9% y-o-y rise in container throughput to 32.6mn TEUs in 2013.
CSBC Secures Container Vessels Order: Taiwan-based shipbuilding company CSBC Corporation has signed a contract with Singapore ship owner Iseaco Holdings to build a pair of 1,800TEU container vessels. These vessels, which are being built for Iseaco's YL Singapore Shipping and YL Colombo Shipping, will be priced at US$25mn each.
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