The MPA Singapore published an infographic concerning the overview of Maritime Singapore’s key performance for 2019, in relation to the Singapore port; the shipping market; and the general economic performance of the country.
-for more information click on the infographic-
Port performance
2019 was a challenging year for the Port of Singapore, due to the weak global economic conditions. Yet, it is said that container throughput as well as vessel arrival tonnage grew by 1.6% and 2.2% year-over-year respectively, reaching a new high.
Singapore also remained the top bunkering port despite the decline in global bunker demand and tightening IMO regulations.
-for more information click on the infographic-
Shipping market performance
The industry had experienced a mixed 2019, characterized by various disruptions that impacted trade growth and fleet availability.
The overall shipping market had a weak start to the year, before eventually recovering in the second half of the year, driven by the tanker sector’s improvement.
-for more information click on the infographic-
General economic performance
Singapore’s economy experienced the slowest growth in the last decade. Singapore’s growth can be expected to pick up in 2020, in line with the improvement in the global economic and trade outlook.
However, it is stressed that a global recovery could be detailed by various risks, such as a further escalation of geopolitical tensions.
