- Singapore Registry Climbs to Fourth Place Globally.
- Liberia, Panama and Marshall Islands Hold Top Three Spots.
- Singapore Adds 358 Ships and 26.2m GT in First Ten Months.
The ship registry in Singapore has officially outpaced Hong Kong as shipowners are reflagging their vessels to the city-state, largely due to the escalating geopolitical tensions between the US and China. By the end of September, Singapore boasted 4,230 ships with a total gross tonnage of 127.8 million, surpassing Hong Kong’s 120.6 million and its fleet of 2,162 ships, reports The Business Times.
Singapore Takes the Lead as Fourth-Largest Registry
Thanks to a boost in tonnage this September, Singapore has climbed to the fourth spot globally, pushing Hong Kong down to fifth place. According to rankings from Clarksons, Liberia remains at the top, followed by Panama and the Marshall Islands.
Impressive Growth in Singapore’s Registry
In the first ten months of this year, the Singapore Registry of Ships saw its gross tonnage rise from 108.7 million to 134.9 million, marking a significant 24.1% increase. This surge included 114 ships that added 7.1 million gross tonnes just in October. From January to October, 358 ships totalling 26.2 million GT joined the registry.
Hong Kong Registry Faces Ongoing Decline
The Hong Kong Shipping Registry has been experiencing consistent losses, with its gross tonnage dropping from 132.2 million in January, reflecting a decline of about 8.8% over the first nine months. The figures for October are still pending.
Geopolitical Tensions Prompt Reflagging to Singapore
The uptick in registrations in Singapore is closely tied to shipowners moving away from flags associated with China to sidestep US port fees and reduce geopolitical risks. For instance, Hong Kong-based Pacific Basin Shipping has announced plans to shift about half of its fleet to Singaporean ownership and flag, positioning these vessels for US-bound voyages while US charges on China-related ships remain in place.
Seaspan Shifts Operations to Singapore
Seaspan has reportedly relocated its headquarters from Hong Kong to Singapore, reflagging its fleet of 100 vessels to dodge US port fees. Company filings through the Handshakes platform indicate that Seaspan established 82 companies in Singapore during July and August.
Port Fee Dispute Temporarily Paused
The US and China agreed on Oct 30 to pause mutual port fees applied to each other’s vessels, easing immediate cost pressure. However, the reflagging momentum toward Singapore indicates that shipowners remain wary of policy volatility between the two economies.
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Source: The Business Times
