New Market Research Report: Singapore Shipping Report Q4 2013

From: Fast Market Research, Inc.
Published: Thu Oct 10 2013

Our outlook for the port of Singapore for 2013 remains that it will not overtake the port of Shanghai for the crown of the world's largest container port, as we had envisaged several quarters ago. We now see such a scenario as unlikely to fall out, and we have revised down our outlook for growth in box handling in 2013 further, now forecasting growth of just 1.0%, compared with last quarter's forecast of 1.4% growth. This is based on poor monthly data coming out of the port, and the worsening outlook in the eurozone. We have revised down our GDP growth forecast for the currency bloc to a decline of 0.5%.

Headline Industry Data

* Port of Singapore's gross tonnage will fall by 1.6% in 2013, with average annual growth at 1.6% during our forecast period to 2017.
* Port of Singapore box handling set to grow by 1.0% in 2013, with average annual growth set at 3.2% per annum over the medium term.
* The country's overall trade will grow by 1.6% in real terms in 2013, and will average 3.8% to 2017.

Full Report Details at

Key Industry Trends

Singapore's Green Ship Programme To Be Expanded:

Singapore's Green Ship Programme was set to be expanded on July 1 2013. The programme would be able to recognise Singaporean-flagged vessels that are using sulphur oxide scrubber technology.

Singapore's Portek Secures Contract With Malaysia's Tanjung: Singapore-based port solutions company Portek International secured its first major contract with Malaysia's port of Tanjung Pelepas (PTP) in July. The company also secured some repeat orders from existing customers as the total engineering orders reached about US$5mn.

Singapore Takes Action Against Bunkering Breaches: The Maritime and Port Authority of Singapore in June revoked the operating permits of two bunkering firms. The permits were both pulled on June 24, with the authority citing breaches of the terms and conditions of the permits.

Key Risks to Outlook

There are considerable risks to our outlook for Singapore. This is due to the port's massive transhipment traffic, which makes it particularly susceptible to any adverse developments in the global economy - the contraction in both box and tonnage volumes experienced in 2009 when the global economic crisis took hold is clear evidence of this. With the eurozone debt crisis rumbling on, and the US economic recovery only now beginning to take root, there are serious risks to the downside.

About Fast Market Research

Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available.

For more information about these or related research reports, please visit our website at or call us at 1.800.844.8156.

You may also be interested in these related reports:

- Iran Shipping Report Q4 2013
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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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Contact Phone: 1-413-485-7001

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