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Singapore Shipping Report Q3 2013 - New Market Study Published

New Transportation market report from Business Monitor International: "Singapore Shipping Report Q3 2013"

 

Boston, MA -- (SBWIRE) -- 07/25/2013 -- Our outlook for the port of Singapore has changed significantly since the last quarter. While we had envisaged the port regaining its position as the largest container-handling facility in the world from the Chinese port of Shanghai this year, we have altered this outlook, and now see such a scenario as unlikely to fall out. We have revised down our forecasts for Singapore on the back of poor data for the first four months of the year, and the worsening outlook in the eurozone, where we now forecast another year of economic contraction.

Headline Industry Data

- Port of Singapore's gross tonnage will fall by 6.0% in 2013, with average annual growth at 0.8% during our forecast period to 2017.
- Port of Singapore box handling set to grow by 1.4% in 2013, with average annual growth set at 3.3% per annum over the medium term.
- The country's overall trade will grow by 3.5% in real terms in 2013, and will average 4.2% to 2017.

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Key Industry Trends

Singapore To Make Port More Competitive: Singapore's Minister for Transport, Mr Lui Tuck Yew, in April announced a number of initiatives designed to make the port of Singapore more competitive. The changes being made, which follow a thorough review of Singapore's port dues structure and rates, include a simplification of the port dues structure and a streamlining of all the different incentive schemes.

New LNG Terminal Begins Commercial Operations: A new LNG terminal in Singapore successfully began commercial operations on May 7. The new LNG terminal has also taken the delivery of its first commercial cargo from BG Group. The terminal operator, Singapore LNG Corporation, said that the construction of the terminal was started in 2010 along with the first two tanks with regasification facilities now concluded on schedule and within budget.

MPM Registers 121% Rise In Net Profit: Singaporean shipping company Marco Polo Marine (MPM) registered a massive 121% year-on-year (y-o-y) rise in net profit to SGD9.34mn (US$7.57mn) in its second quarter, compared with SGD4.23mn (US$3.42mn) in the year-ago period. The increase was attributed to a one-time gain on equity interest.

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