Singapore’s traffic increases 12.7% in 2007

SingaporeÆs traffic increases 12.7% in 2007 The Port of Singapore handled 27.9 million TEUs last year, a 12.7 percent increase over 2006, said S.S. Teo, the chairman of the Singapore Maritime Foundation.
   In a speech to the foundation’s New Year Cocktail Reception Thursday evening, Teo said vessel calls at the port grew 11 percent over the same period, reaching 1,459 million gross tons.
   Bunker sales grew 11.2 percent and crossed the 30 million-ton mark for the first time, hitting 31.5 million tons.
   “Our hub port with good connectivity translates into a competitive advantage for our manufacturing sector,” he said. “This was recently recognized in a World Bank study, in which Singapore was ranked the No. 1 logistics hub out of 150 countries surveyed.”
   He also noted that the Singapore ship registry had a good year, increasing tonnage 13.8 percent to reach 39.6 million gross tons as at end 2007.
   A scheme to attract new shipping companies was successful and 18 new international shipping companies boosted the number of firms in the country to nearly 100. A number have listed their stocks on the Singapore Stock Exchange, including firms from China, India and Norway, as well as two new shipping trusts — First Ship Lease Trust and Rickmers Maritime.