Port of Singapore container turnover increased in March

Port of SingaporeContainer turnover of the port of Singapore increased in March by 6.9% compared to the same period a year earlier, resuming after one month of recession the rapid growth that began in December. During the reported period, the port handled 2.7 million TEU, which is up from 2.3 million TEU in February and 2.5 million TEU in March 2016. During the first three months of this year, the traffic through second largest container port in the world grew by 3% to 7.6 million TEU. It is also expected that Singapore will benefit from the reorganization of liner transportation routes in connection with the launch of global new carrier alliances, which probably will accelerate the annual turnover.

Last year the port handled 30.9 million TEU. The growth in volumes in the second half of the year allowed to reduce the gap with the result of 2015 to a minimum, despite a 9% drop in turnover in the first quarter of 2016.

Earlier this year, the analysts came to the conclusion that Singapore will benefit from the reorganization of liner transportation routes in connection with the launch of global new carrier alliances from April 1. According to the previously announced plans, Singapore will host 34 weekly calls within the framework of 29 services of all three alliances on the Asia-Europe trade, compared with 29 calls at 27 services before the global new carrier alliances launching. Including partnership with CMA CGM, Sport of Singapore will become the key Asian hub of THE Alliance, which largest member is the French line.

Port of Singapore refers to the collective facilities and terminals that conduct maritime trade handling functions in harbours and which handle Singapore’s shipping. Currently the world’s second-busiest port in terms of total shipping tonnage, it also trans-ships a fifth of the world’s shipping containers, half of the world’s annual supply of crude oil, and is the world’s busiest transshipment port.