Singapore’s Maritime Triumph In 2023: A Year Of Records

• Singapore’s maritime industry thrived in 2023, setting records in vessel arrival tonnage, container throughput, and bunker sales.
• Despite anticipating challenges ahead, the Maritime and Port Authority plans to ease port dues by waiving security deposits for lower-risk parties.
• The industry’s robust performance reflects Singapore’s commitment to growth amid a changing global landscape.

Despite global trade disruptions, Singapore’s maritime industry marked a stellar performance in 2023, achieving record-breaking figures in vessel arrival tonnage, container throughput, and bunker sales. The Maritime and Port Authority of Singapore (MPA) reported substantial growth, signaling resilience amid challenging circumstances.

Vessel Arrival, Container Throughput, and Bunker Sales

In 2023, Singapore’s ports witnessed a surge in annual vessel arrival tonnage, reaching an unprecedented 3.1 billion gross tonnage (GT). This marked a notable 9.2% increase from the previous year, showcasing growth across various segments, including container ships, dry bulk carriers, liquid bulk and chemical tankers, ferries, and specialized vessels.

Container throughput soared by 4.6%, reaching a remarkable 39 million twenty-foot equivalent units (TEUs), surpassing the previous record set in 2021. Cargo handling also experienced a positive trend, with a 2.3% rise to 591.7 million tonnes.

Bunker sales, a critical aspect of maritime activities, saw an impressive 8.2% increase, totaling 51.8 million tonnes. Notably, the supply of alternative fuels gained momentum, with biofuel blends reaching 520,000 tonnes and liquefied natural gas bunker sales rising to 110,000 tonnes. While alternative fuels constituted only 1.2% of total bunker sales, the MPA anticipates continued growth in the coming year, supporting maritime decarbonization.

MPA’s Vision for the Future

Acknowledging the challenges that lie ahead, Acting Transport Minister Chee Hong Tat outlined strategic moves to support the maritime industry. The MPA plans to reduce the burden on port dues payers by waiving security deposits and banker’s guarantees for those assessed as lower risk, effective April 1, 2023. This risk-based approach is expected to benefit around 80% of existing billing parties, injecting more than S$20 million annually into businesses’ cashflow.

Chee emphasized Singapore’s commitment to developing its hub port and international maritime center despite the anticipated rough seas in the global operating environment. Recognizing potential disruptions from global growth slowdown, inflationary pressures, weak consumer sentiment, geopolitical uncertainty, and climate change, he highlighted the industry’s potential for growth and the creation of new opportunities and jobs.

As Singapore navigates uncertainties, the focus remains on simplifying processes, reducing compliance costs, and reinforcing maritime competitiveness through collaboration with tripartite partners. The industry, poised for further growth and resilience, exemplifies Singapore’s proactive approach to maritime challenges on the horizon.

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Source: The Business Times

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