Recently published research from Business Monitor International, "Singapore Freight Transport Report Q4 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 10/25/2013 -- 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. In 2013, we forecast that both the port and airport's total tonnage volumes will undergo a contraction.
Headline Industry Data
- 2013 air freight tonnage through Changi International Airport to contract 1.8%. Growth over our forecast period (2013-2017) to average 0.6% per annum.
- The port of Singapore's gross tonnage will contract by 1.6% in 2013, with average annual growth at 1.6% during our forecast period.
- The country's overall trade will grow by 1.6% in real terms in 2013, to average 3.8% to 2017.
Key Industry Trends
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Loong Reveals Master Plan For Airport, Port: Singaporean Prime Minister Lee Hsien Loong in August revealed a master plan to increase the capacity of Southeast Asia's busiest airport, Changi Airport, by twofold. Loong has also disclosed plans for a fourth runway at the airport. This will enable the government to shift a military airbase in central Singapore to Changi after 2030 and free up 800 hectares of land for homes, factories and businesses.
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.
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.
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