Singapore reports a 4.5 percent rise in vessel arrivals and an 8.8 percent boost in container volume.
Since the beginning of 2024, Singapore has experienced a notable increase in vessel arrivals. Overall vessel arrival tonnage across all vessel types grew by 4.5 percent year-on-year, reaching 1.04 billion gross tonnage (GT) between January and April. Eng Dih Teo, Chief Executive of the Maritime and Port Authority of Singapore, noted that while most vessels, including tankers and bulk carriers, operated smoothly at anchorages, container vessels—comprising about one-third of arrivals—faced longer waiting times for berths due to a surge in arrivals.
Container volume saw a significant increase of 8.8 percent compared to the same period last year, totaling 13.36 million TEUs. The monthly average tonnage of container vessel arrivals rose to 72.4 million GT, an increase of over 1 million GT per month year-on-year. The diversion of vessels around the Cape of Good Hope caused late arrivals and schedule adjustments, contributing to congestion at ports.
Shipping lines like CMA CGM have increased their calls to Singapore, reflecting strong demand for capacity and growing volumes. Teo mentioned that most container vessels are berthed upon arrival, with PSA Singapore coordinating with liners to adjust schedules. When adjustment isn’t possible, the average waiting time is 2-3 days.
PSA has reactivated older berths at Keppel Terminal to manage the increased volume, boosting weekly container handling capacity from 770,000 TEUs to 820,000 TEUs. Additionally, three new berths at Tuas Port are set to begin operations later this year, further enhancing capacity.
Freight rates are also rising, with the Drewry world composite index up 4 percent to $4,226 per 40ft container as of May 30, a 151 percent increase year-on-year. Rates are expected to climb further as the early peak season approaches.
