Container turnover at Port of Singapore rose by 7% yoy in November 2016

Port of SingaporeThe container turnover at Port of Singapore rose by 7% yoy in November 2016, amounting to 2.56 million TEU. The new preliminary data give positive signs for the local authorities that the annual throughput will return on green after the bad start of the year and decline in trade between Asia and Europe. Moreover, obviously the measures taken by the port authorities in January are giving results, as to attract volumes the port announced additional 10% discounts to the shipping lines, calling at the port.

Last year, the Singapore’s container throughput fell by 8.7% to 30.9 million TEU, which was the lowest turnover since 2011. The port authorities explained the reduction in the overall decline in traffic between Asia and Europe, which have aggravated the redistribution of volumes alliances between carriers and a reduction in the volume of transshipment of the low prices of the bunker.

The decline continued in the first months of 2016. So, the traffic in the first half of the year was 5% yoy lower. However, during the second half of 2016 the volumes started to recover, and during the period January-November the decrease was slightly compensated to only -1.7%. The positive data in November, however, give signs of recovery and fuel hopes for record 2017.

Port of Singapore is the fourth largest port in the world after Hong Kong, Rotterdam and Shanghai. The port serves 250 regular lines and daily receives about 150 ships. The total area exceeds 600 hectares. The port has about 172 crane and operates more than 50 container berths. In 2015, the container port turnover was 30.92 million TEU, while the cargo throughput was 575.85 million tons.