Port Handling Sees 7.7% Increase in First Five Months of 2024
Singapore’s container volumes have experienced robust growth, with the port handling 16.9 million 20-foot equivalent units (TEUs) of cargo in the first five months of 2024. This marks a 7.7% increase compared to the same period last year, according to the Maritime and Port Authority of Singapore (MPA).
The increase in demand is attributed to several major container lines, including CMA CGM and ONE, moving higher volumes through Singapore. This surge comes as shipping lines adjust their schedules, discharging more containers in Singapore to compensate for delays and skipped voyages due to port congestion.
Despite the rise in volumes, port delays have reached critical levels, with some container lines bypassing Singapore to recover their schedules. However, MPA stated that strong collaboration between the port authority, container lines, and various stakeholders is supporting the growth in container handling.
Additionally, the global shipping network has been disrupted by recent geopolitical tensions, such as attacks on merchant vessels by Yemen’s Houthi rebels, which have forced vessels to take longer routes around the Cape of Good Hope. This shift has led to off-schedule arrivals and port congestion at major global hubs, including Singapore.
