Port of Singapore’s cargo throughput drops 1.1% in 2015

The port handled 574.9 million tons of cargo in 2015, a 1.1 percent decline from 2014.    The Port of Singapore handled 574.9 million tons of cargo in 2015, a 1.1 percent decline from 2014, according to recent figures released by the Maritime and Port Authority of Singapore (MPA).
   In December alone, the Asian port handled 45.3 million tons of cargo, a 10.2 percent year-over-year decline.
   Although December 2015 figures are preliminary estimates, results from all prior months have been finalized.
   Overall, the Port of Singapore handled 30.9 million TEUs in 2015, down 8.7 percent from 2014.
   The MPA attributed the decline in container and cargo throughput in 2015 largely to the overall slump in Asia-Europe volumes, combined with developments including the rebalancing of volumes across alliance agreements and a rise in direct sailings from lower bunker prices.
   The MPA and PSA Corporation Limited have taken several measures to help container lines handle the challenging market environment.
   Effective Jan. 15, MPA began granting an additional 10 percent concession on port dues for container vessels calling at the Port of Singapore, provided they are carrying out cargo works and do not stay within the port for more than five days.
   The additional concession, which has been granted on top of existing port dues concessions, will remain in place for one year. All concessions combined are expected to amount to over S$17 million (U.S. $11.8 million) in annual savings for container lines.
   PSA is also working with customers to improve vessel productivity at the port and optimize network planning activities, including service deployments and phasing in and out of vessels.
   Overall, a total of 155 liner shipping services call the Port of Singapore, of which 127 call other regions outside of Asia, according to ocean carrier schedule and capacity database BlueWater Reporting’s Port Dashboard tool. Intra-regional services outside of BlueWater Reporting’s scope – i.e. those that only call ports in Southeast Asia – are not included in this data.