Singapore's success in the modern shipping trade began in the early 19th century and led to one of the busiest transshipment hubs in the world. Singapore is perceived to be the second
in terms of cargo tonnage and is only surpassed by Shanghai. The
about 37.29 million TEUs (Twenty Foot Equivalent Unit) in 2022, indicating only a slight increase compared to 2020 despite the global recession due to COVID-19. In addition, Singapore owned over 1.38 thousand
as of 2021.
Success beyond location advantage
While Singapore’s geographical location on the Strait of Malacca has been favorable, its preeminence as a global port was not by chance alone. The decision to build the first container terminal in Singapore was taken in 1969. Back then, there was no other container port in Southeast Asia. Since then, the port’s throughput has been growing steadily. While the
bunker sales amounted to around 42.68 million metric tons in 2013, they reached almost 48 million metric tons in 2022. In that same year, about 24.13 thousand
tankers arrived in Singapore, from which almost 17.3 thousand were
loaded with oil and about 2.5 thousand with
LNG and/or LPG. The port of Singapore has played a significant role in its economy and over the past decades it has supported Singapore in achieving a high level of economic development in only one generation.
Singapore's port operator
The Singaporean port is managed by PSA international Pte Ltd, one of the world’s largest port operator. The institution was founded in 1913 under the name “Singapore Harbour Board” and has always been a constant factor in the development of the port. PSA worked under the Singapore government until 1997, when it was transformed into an independent trading company by a parliamentary bill. Since then, the port operator has had a stake in various ports all over Asia and the world.
PSA’s international revenue amounted to 4.67 billion Singapore dollars in 2021, and they
owned assets worth over 23.67 billion Singapore dollars.
The port is facing a challenging future
The port and shipping industry are integral to Singapore’s economy; thus, they must ensure the port’s position in the Southeast Asian region. These efforts could face some competition in the future: Indonesia and Malaysia are both planning to invest in larger container ports, and China might soon be able to trade on the arctic route, due to climate change opening up this region. However, Singapore’s geographical position is still its biggest asset, and if they keep up with infrastructure and technology, there is a high chance of remaining the largest transshipment hub in Southeast Asia.
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