Boston, MA -- (SBWIRE) -- 10/02/2013 -- 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 last quarter's 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 fall by 1.6% in 2013, with average annual growth at 1.6% during our forecast period to 2017.
- Port of Singapore box handling set to grow by 1.0% in 2013, with average annual growth set at 3.2% per annum over the medium term.
- The country's overall trade will grow by 1.6% in real terms in 2013, and will average 3.8% to 2017.

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Key Industry Trends

Singapore's Green Ship Programme To Be Expanded:

Singapore's Green Ship Programme was set to be expanded on July 1 2013. The programme would be able to recognise Singaporean-flagged vessels that are using sulphur oxide scrubber technology.

Singapore's Portek Secures Contract With Malaysia's Tanjung: Singapore-based port solutions company Portek International secured its first major contract with Malaysia's port of Tanjung Pelepas (PTP) in July. The company also secured some repeat orders from existing customers as the total engineering orders reached about US$5mn.

Singapore Takes Action Against Bunkering Breaches: The Maritime and Port Authority of Singapore in June revoked the operating permits of two bunkering firms. The permits were both pulled on June 24, with the authority citing breaches of the terms and conditions of the permits.

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