Boston, MA -- (SBWIRE) -- 01/06/2014 -- Our outlook for the port of Singapore for 2013 remains that it will not overtake the port of Shanghai for the crown of the world's largest container port, as we had envisaged several quarters ago. We now see such a scenario as unlikely to fall out, and we have revised down our outlook for growth in box handling in 2013 further, now forecasting growth of just 1.0%, compared with our previous forecast of 1.4% growth. This is based on poor monthly data coming out of the port, and the worsening outlook in the eurozone. We have revised down our GDP growth forecast for the currency bloc to a decline of 0.5%.

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 2.8% in 2014, with average annual growth set at 3.5% 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 2017.

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Key Industry Trends

Singapore Reveals US$8bn Expansion Plans: The Singaporean 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 the Singaporean facility to become the world's busiest port. The project entails moving terminals to free 1,000 hectares for development and building a larger facility at Tuas.

NOL Profit Recovers In Q313: Singapore-based shipping firm Neptune Orient Lines (NOL) has reported profit of US$20mn for its operations in the July-to-September quarter of 2013. The figure marked a decline of 60% in comparison to Q312, although it was up from a loss of US$35mn posted in Q213, the Journal of Commerce reports. NOL has attributed its slight recovery to a number of cost-cutting measures, but has linked its year-on-year decline to overcapacity and low rates.

APL Adds New Container Ship To Fleet: APL has added a new container ship, named Savannah, to its fleet. The vessel has the capacity to transport 9,200 twenty-foot equivalent unit containers, and is the largest ship in the company's portfolio, as it undertakes a programme for growth.

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