published Date SEP 2018

Singapore Maritime Industry is expected to reach SGD 82.65 billion by 2023 | CAGR of 3.81%

Significant investments in the shipping industry, development of container terminals, adoption of automation solutions, and IOT technology in the port industry are the factors driving the maritime sector in Singapore.

September 10, 2018: The Maritime Sector in Singapore is expected to reach approximately SGD 82.65 billion by 2023, as per a new report published by Mordor Intelligence, LLP. The market is expected to expand owing to factors, such as major investments in the shipping industry from government and Maritime and Port Authority of Singapore (MPA) and development of container terminals from major terminal operators like PSA International. But, the evolution of direct shipping routes and developments in the neighboring ports are expected to restrain the growth prospects of the sector.

As per the industry sources, the government of Singapore allocated SGD 100 million for the maritime industry in the 2018 Singapore budget. The MPA will pump this huge amount into the Maritime Cluster Fund (MCF), to boost the industry towards a digital and automated future. The MPA has drafted four strategies to develop infrastructure, to foster the R&D sector, which is expected to position the Port of Singapore as a global maritime hub for connectivity, innovation, and talent. Apart from technologies and infrastructure, MPA also focuses on the development of its maritime workforce. The authority plans to roll out a new global talent program by partnering with more than 20 maritime companies.

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Port of Singapore holds a historical record in providing bunkering services and is still a leading player in the world’s bunker sales, which registers a significant annual raise over the past few years. In 2017, the total bunker sales reached 50.64 million metric ton, which represents a 4.2% growth rate from 2016. Singapore remains as a reliable source for most of the vessel operators, due to the premium quality of services and supplies to all parties within the supply chain with a secure and safe bunker delivery operations. International Maritime Organization (IMO) posed regulations on the bunker fuels, in a move to shift towards gas as a fuel to reduce emissions. Being the world’s largest bunkering port, Singapore plans to reduce the emissions from the vessels by switching to alternative fuels. The Port of Singapore aims to supply liquefied natural gas (LNG) to fuel ships by 2020.

Get a free overview on Singapore Maritime Industry (2018-2023)

Key Insights from the Report:

  • Water transport services hold the dominant market value and expected to account for the highest share of about 53.8% by 2023. Owing to the excellent quality and services, World-class infrastructure, and consistent R&D activities, the freight transport services has gained traction over the past few years.
  • The strategic geographical location of the country serves as a gateway to ASEAN countries and the rest of the world and have connections with more than 600 ports, in over 120 countries. The total cargo throughput of the Singapore port has registered 627.69 million metric ton in 2017, an increase of 5.8% from 2016.
  • The maritime sector in Singapore is fragmented in nature owing to the presence of multiple businesses ranging from shipping liners, leasing services, and terminal operators. Key players in the market include PSA International, American President Lines (APL), NYK Line, Megayton Shipping, Unsworth Global Logistics, and others.

Maritime Sector in Singapore by Services Type

  • Services Type
  • Supporting Service Activities to Water Transport
  • Cargo Handling
  • Vessel Leasing and Rental Services
  • Water Transport Services

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