SINGAPORE: Singapore’s container throughput and cargo throughput fell by 8.7 percent and 1.1 percent respectively in 2015 year-on-year, according to advance estimates released by Maritime and Port Authority of Singapore (MPA) on Wednesday.
Amidst weak global economic conditions and structural changes in the maritime industry, the Port of Singapore put in a mixed performance last year, said MPA.
Vessel arrival tonnage grew 5.6 percent last year, while Singapore remained the world’s top bunkering port with a 6.5 percent increase in volume of bunkers sold. However, the container throughput and cargo throughput dropped. According to Lianhe Zaobao, this is the first time that container throughput has contracted since the financial crisis in 2009.
MPA said this was largely caused by the overall slump in Asia-Europe volumes, compounded by developments such as the rebalancing of volumes across alliances agreements, and an increase in direct sailings due to lower bunker prices.
Singapore’s Transport Minister and Coordinating Minister for Infrastructure Khaw Boon Wan announced these data at Singapore Maritime Foundation New Year cocktail reception on Wednesday.
Starting from Friday, an additional 10 percent concession on port dues will be granted to container vessels calling at the Port of Singapore for one year, if they are carrying out cargo works with a port stay of not more than five days, according to MPA.
The additional concession will be granted on top of existing port dues concessions such as the Green Port Program incentives and the 20 percent concession first introduced in 1996, MPA added in the press release.
In all, these concessions are expected to amount to more than 17 million Singapore dollars (11.8 million U.S. dollars) in annual savings for container lines.
MPA and PSA Corporation Limited (PSA) have proactively worked on a suite of measures to help the container lines cope with the challenging economic environment, according to the release.
