Singapore Maritime Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2022 |
| Forecast Data Period | 2023 - 2028 |
| Historical Data Period | 2018 - 2021 |
| CAGR | 2.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Maritime Market Analysis
The Maritime Industry in Singapore is expected to witness a CAGR of more than 2% during the period (2021-2026).
Singapore has crossed the 100,000 marks for crew change carried out at the port during the ongoing coronavirus (COVID-19) pandemic, according to the Maritime and Port Authority of Singapore (MPA). Since 27 March 2020, MPA has facilitated 100,000 sign-on and sign-off crew of all nationalities from ships of different flags involving more than 5,000 companies and 6,700 ships.
Singapore has retained its position as the world’s second-busiest container port and the number one bunkering port in 2020, as well as facilitated crew change for more than 80,000 seafarers amid the coronavirus (COVID-19) pandemic.
In 2020, Container throughput for the island-state came up to 36.9m teu, a slight drop of 0.9% compared to 2019. Singapore remains the runaway leader as a bunkering port with sales amounting to 49.8m ton, an increase of 5% year on year.
Singapore is Asia’s gateway for global leaders in ship financing, ship broking, risk management, and marine insurance. Capitalizing on its strategic location, sophisticated port facilities, and shipyards, Singapore has developed into a premier International Maritime Centre (IMC) where ships hub and essential ancillary services in shipping, commerce, and logistics flourish.
Maritime Singapore is home to more than 5,000 maritime organizations and businesses. The pro-business government policies have established the country as a strategic center for maritime business and a leading international maritime center.
Maritime is steeped in the lifeblood of Singapore, with its illustrious relationship tracing back to its beginning as a hub for entrepot trade in the nation’s early days. After playing such a critical role in Singapore’s development from a third world to a first-world nation within one generation, the maritime sector now continues to be a significant engine of growth for Singapore’s economy, making up 7% of the nation’s GDP and employing more than 170,000 people in various technical and commerce-related functions.
The SMEs in the local shipping sector are adopting robotic processes in day-to-day operations. Going forward, drones could be used to transport small packages such as medicine or documents to and from ships docked in Singapore's ports.
Blockchain technology has been a disrupting trend applied across various sectors currently across the globe.
Singapore Maritime Market Trends
This section covers the major market trends shaping the Singapore Maritime Market according to our research experts:
Development of Ports in the Country
The Government of Singapore continues to invest in transport infrastructure to maintain the country’s position as a world-class city and key transport mode between Asia and the world.
Tuas Port is being developed as the next-generation container port in Singapore. When fully completed in the 2040s, after construction of up to 30 years, Tuas Port will be the world’s single largest container port, capable of handling up to 65 million TEU per annum. The new port is to accommodate the move of the current city terminals when their leases expire and will be the consolidated location for all of Singapore’s container activities, significantly reducing inter-terminal haulage operations and green-house gas emissions.
To adapt to rising sea levels, Tuas Port will have an operational platform of five meters above maximum sea-level, with over 50% of the total fill materials coming from dredged material and excavated earth from construction. Reusing such materials reduces reliance on the sand for reclamation, saving over SGD 2 billion in material costs. Reclamation began in 2015 and is due to finish in 2021.
Tuas Port will be automated, digital. Digitalport@SG and Just-in-Time (JIT) Systems will streamline vessel clearance processes thereby enhancing vessel turnaround times. Extensive use of automation and robotics will be employed in conjunction with quayside and yard handling systems with operations controlled from a remote Operations Centre.
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Digitalization in the Maritime Sector Would Lead to the Industry's Growth
The growing need for a secured digital supply chain needs end-to-end automation and integration of various supply-chain stakeholders.
The key stakeholders in maritime digitalization include terminal operators, port authorities, and carriers. They play an important role in developing technologies such as digital smart port/fully automated terminals, connected ships, autonomous ships, etc.
A largely automated container terminal, named Tuas Port, is currently being built at the port, which will have the capacity to handle 65 million TEUs upon completion in 2040. Tuas port is expected to be the world’s biggest fully automated terminal when completed. Tuas port will incorporate innovative technologies such as yard automation and full-electric automated guided vehicles.
The port of Singapore is embracing technologies that continue to enhance logistics activities. Being a transshipment hub, the logistics companies in Singapore enjoy the flexibility of choosing the best and quickest way to get their goods delivered to customers.
Singapore Maritime Industry Overview
The market is fragmented. It has the presence of both international and local players. The market is expected to grow during the forecast period due to rapid growth in infrastructure and logistics.
Singapore Maritime Market Leaders
PSA International
ONE (Ocean Network Express)
PIL (Pacific International Lines)
A.P. Moller Singapore Pte. Ltd.
Cosco Shipping (Singapore) Petroleum Pte. Ltd.
*Disclaimer: Major Players sorted in no particular order
Singapore Maritime Market News
In March 2021, CMA CGM and FueLNG complete bunkering at the Port of Singapore. The first ship-to-containership LNG bunkering operation in Asia has been undertaken by CMA CGM and FueLNG, a joint venture between Keppel Offshore & Marine Ltd (Keppel O&M) and Shell Eastern Petroleum (Pte) Ltd, and the Maritime and Port Authority of Singapore (MPA).
In 2020, Singapore was once again the world’s premier maritime hub after topping the Xinhua-Baltic International Shipping Centre Development (ISCD) index. In a statement, the Baltic Exchange said Singapore had retained the top spot for the seventh year in a row, beating London, Shanghai, Hong Kong, and Dubai.
Singapore Maritime Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Insights of Transshipment Trade
4.3 Insights on Containerized and Non-containerized Shipments
4.4 Insights on Bunkering Services
4.5 Insights on Investments in the Maritime Industry
4.6 Insights on the Number of Establishments and the Maritime Sector's Contribution to the Total Services Sector
4.7 Government Regulations and Initiatives
4.8 Technological Trends and Automation in Ports
4.9 Impact of COVID -19 on the Market (discussing short-term and long-term effects on the market)
5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Opportunities
5.4 Porter's Five Forces Analysis
5.4.1 Threat of New Entrants
5.4.2 Bargaining Power of Buyers/Consumers
5.4.3 Bargaining Power of Suppliers
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION (Market Size by Value)
6.1 By Services Type
6.1.1 Water Transport Services
6.1.2 Vessel Leasing and Rental Services
6.1.3 Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc.)
6.1.4 Supporting Service Activities to Water Transport (Shipping Agencies, Ship Brokering Services, Ship Management Services, etc.)
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
7.2.1 PSA International
7.2.2 ONE (Ocean Network Express)
7.2.3 PIL (Pacific International Lines)
7.2.4 A.P. Moller Singapore Pte Ltd
7.2.5 Cosco Shipping (Singapore) Petroleum Pte Ltd
7.2.6 NYK Group
7.2.7 CMA CGM & ANL (Singapore) PTE LTD
7.2.8 Evergreen Marine (Singapore) Pte Ltd
7.2.9 Sea Consortium Private Ltd
7.2.10 Hin Leong Marine International*
- *List Not Exhaustive
7.3 Other Companies
8. FUTURE OF THE MARKET
9. APPENDIX
Singapore Maritime Industry Segmentation
The maritime sector is defined as consisting of the individual shipping, ports, marine, and maritime business services industries, each of which comprises a diverse array of activities.
The Maritime Industry in Singapore is Segmented by Services Type (Water Transport Services, Vessel Leasing, and Rental Services, Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc.,), Supporting Service Activities to Water Transport (Shipping Agencies, Ship Brokering Services, Ship Management Services, etc.)). The report offers market size and forecasts for the Maritime Industry in Singapore in value (USD Billion) for all the above segments.
| By Services Type | |
| Water Transport Services | |
| Vessel Leasing and Rental Services | |
| Cargo Handling (Container Services, Crane Services, Stevedoring Services, etc.) | |
| Supporting Service Activities to Water Transport (Shipping Agencies, Ship Brokering Services, Ship Management Services, etc.) |
Singapore Maritime Market Research FAQs
What is the current Singapore Maritime Market size?
The Singapore Maritime Market is projected to register a CAGR of 2% during the forecast period (2023-2028).
Who are the key players in Singapore Maritime Market?
PSA International, ONE (Ocean Network Express), PIL (Pacific International Lines), A.P. Moller Singapore Pte. Ltd. and Cosco Shipping (Singapore) Petroleum Pte. Ltd. are the major companies operating in the Singapore Maritime Market.
Singapore Maritime Industry Report
Statistics for the 2023 Singapore Maritime market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Maritime analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Singapore Maritime Report Snapshots
