Recently published research from Business Monitor International, "Singapore Freight Transport Report Q1 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 03/06/2013 -- The city-state of 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. However, while air freight volumes are estimated to have contracted in 2012, and volumes at the Port of Singapore saw sedate growth, a return to growth is forecast for 2013.
Headline Industry Data
- 2013 air freight tonnage through Changi International Airport to grow 1.3%. Growth over our forecast period (2013-2017) to average 1.3% per annum.
- The Port of Singapore's gross tonnage will rise by 3.2% in 2013, with average annual growth at 3.2% during our forecast period.
- The country's overall trade will grow by 4.5% in real terms in 2013, and to average 4.4% to 2017.
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Key Industry Trends
SIA Cargo To Manage Losses By Grounding Freighter
Singapore Airlines Cargo (SIA Cargo) the freight unit of the national carrier Singapore Airlines is joining the grounding trend parking one of its Boeing 747-400 freighters. The company ramp up in capacity management is in reaction to SIA Cargo's deepening losses and will help the firm to bring in line its capacity with decreasing demand. While the operating outlook for SIA Cargo, like its peers, is set to remain tough, an uptick in freight volumes at Singapore's Changi Airport, SIA Cargo's main hub offers a brighter outlook, as BMI notes the volumes though Changi and total volumes carried by SIA cargo are correlated.
Consolidation Plan For World Number Two
BMI believes that Singapore is wise to look ahead to the long term by aiming to consolidate all its container port activities in one place, and confirms the city-state's position as a world leader in terms of maritime planning. Whether this will be sufficient to see the port remain as relevant in the face of future Chinese ports development as it has been historically remains to be seen, however.
Maritime Singapore Green Pledge Gains Support
The Maritime Singapore Green Pledge, which is aimed at promoting clean and green shipping, has attracted a total of 40 companies since the commencement of the scheme. The Green Pledge was started in 2011 as part of the Maritime Singapore Green Initiative, according to Lam Yi Young, the CEO of the Maritime and Port Authority of Singapore.
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