MARITIME INDUSTRY IN SINGAPORE - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECAST(2022 - 2027)

MARITIME INDUSTRY IN SINGAPORE - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECAST(2022 - 2027)

The Maritime Industry in Singapore is expected to witness a CAGR of more than 2% during the period (2021-2026).

Singapore has crossed the 100,000 marks for crew change carried out at the port during the ongoing coronavirus (COVID-19) pandemic, according to the Maritime and Port Authority of Singapore (MPA). Since 27 March 2020, MPA has facilitated 100,000 sign-on and sign-off crew of all nationalities from ships of different flags involving more than 5,000 companies and 6,700 ships.

Singapore has retained its position as the world’s second-busiest container port and the number one bunkering port in 2020, as well as facilitated crew change for more than 80,000 seafarers amid the coronavirus (COVID-19) pandemic.

In 2020, Container throughput for the island-state came up to 36.9m teu, a slight drop of 0.9% compared to 2019. Singapore remains the runaway leader as a bunkering port with sales amounting to 49.8m ton, an increase of 5% year on year.

Singapore is Asia’s gateway for global leaders in ship financing, ship broking, risk management, and marine insurance. Capitalizing on its strategic location, sophisticated port facilities, and shipyards, Singapore has developed into a premier International Maritime Centre (IMC) where ships hub and essential ancillary services in shipping, commerce, and logistics flourish.

Maritime Singapore is home to more than 5,000 maritime organizations and businesses. The pro-business government policies have established the country as a strategic center for maritime business and a leading international maritime center.

Maritime is steeped in the lifeblood of Singapore, with its illustrious relationship tracing back to its beginning as a hub for entrepot trade in the nation’s early days. After playing such a critical role in Singapore’s development from a third world to a first-world nation within one generation, the maritime sector now continues to be a significant engine of growth for Singapore’s economy, making up 7% of the nation’s GDP and employing more than 170,000 people in various technical and commerce-related functions.

The SMEs in the local shipping sector are adopting robotic processes in day-to-day operations. Going forward, drones could be used to transport small packages such as medicine or documents to and from ships docked in Singapore's ports.

Blockchain technology has been a disrupting trend applied across various sectors currently across the globe.

Key Market TrendsDevelopment of Ports in the Country

The Government of Singapore continues to invest in transport infrastructure to maintain the country’s position as a world-class city and key transport mode between Asia and the world.

Tuas Port is being developed as the next-generation container port in Singapore. When fully completed in the 2040s, after construction of up to 30 years, Tuas Port will be the world’s single largest container port, capable of handling up to 65 million TEU per annum. The new port is to accommodate the move of the current city terminals when their leases expire and will be the consolidated location for all of Singapore’s container activities, significantly reducing inter-terminal haulage operations and green-house gas emissions.

To adapt to rising sea levels, Tuas Port will have an operational platform of five meters above maximum sea-level, with over 50% of the total fill materials coming from dredged material and excavated earth from construction. Reusing such materials reduces reliance on the sand for reclamation, saving over SGD 2 billion in material costs. Reclamation began in 2015 and is due to finish in 2021.

Tuas Port will be automated, digital. Digitalport@SG and Just-in-Time (JIT) Systems will streamline vessel clearance processes thereby enhancing vessel turnaround times. Extensive use of automation and robotics will be employed in conjunction with quayside and yard handling systems with operations controlled from a remote Operations Centre.

Digitalization in the Maritime Sector Would Lead to the Industry's Growth

The growing need for a secured digital supply chain needs end-to-end automation and integration of various supply-chain stakeholders.

The key stakeholders in maritime digitalization include terminal operators, port authorities, and carriers. They play an important role in developing technologies such as digital smart port/fully automated terminals, connected ships, autonomous ships, etc.

A largely automated container terminal, named Tuas Port, is currently being built at the port, which will have the capacity to handle 65 million TEUs upon completion in 2040. Tuas port is expected to be the world’s biggest fully automated terminal when completed. Tuas port will incorporate innovative technologies such as yard automation and full-electric automated guided vehicles.

The port of Singapore is embracing technologies that continue to enhance logistics activities. Being a transshipment hub, the logistics companies in Singapore enjoy the flexibility of choosing the best and quickest way to get their goods delivered to customers.

Competitive Landscape

The market is fragmented. It has the presence of both international and local players. The market is expected to grow during the forecast period due to rapid growth in infrastructure and logistics.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

PSA International
ONE (Ocean Network Express)
PIL (Pacific International Lines)
A.P. Moller Singapore Pte Ltd
Cosco Shipping (Singapore) Petroleum Pte Ltd
NYK Group
CMA CGM & ANL (Singapore) PTE LTD
Evergreen Marine (Singapore) Pte Ltd
Sea Consortium Private Ltd
Hin Leong Marine International*

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