This year despite the global economic crisis as a result of the pandemic, Singapore remained as the world’s leading shipping hub.
Its geographical location, as well as the ecosystem of the shipping industry, seem to be some of the reasons that give Singapore for the seventh consecutive year the first place in the Development Index of the Xinhua-Baltic International Maritime Transport Center.
This index provides an independent ranking of the performance of the world’s largest cities offering port business and shipping services.
Considering that 90% of world trade moves in containers, there is no doubt that the shipping industry plays a fundamental role in the development of the global economy.
On the world port stage, most of the market players are in Asia.
Transit remains despite the Covid-19
The crisis caused by Covid-19 influenced all the seaports in the world, Singapore due to its proximity to China, was one of the first ports in which maritime traffic was affected.
However, the statistics reflect some stabilization during the Q1 of this 2020.
Overall, Singapore managed to operate with a total of 53.08 million tons, which is 2% more compared to the same period in 2019.
The increase in container goods reached 32.53 tons, representing a slight increase of 1.5% compared to 2019.
The Port of Singapore
Before Shanghai snatched the position from it, the Singapore port was between 2005 and 2010 the first in the ranking of the most important ports in the world.
The history of this port dates back to 1819, when it was built to compensate for the island’s lack of natural resources, allowing goods to enter it.
Nowadays, the port of Singapore offers connections to more than 600 ports in 123 countries on 6 continents, with 130,000 ships passing through its docks each year.
It is also the largest transshipment port in the world, hosting around 20% of the world’s containers.
Port authorities are working on the development of the Tuas Port, currently Singapore’s largest port project, with its first berths to be operational in 2021.
When the project is finished in 2040, the Tuas Port is expected to be the largest fully automated terminal in the world.
Advantages of Maritime Transport
Maritime transport is capable of offering more competitive prices adapted to each form of shipping.
It adapts to the requirements of practically all types of product through the adjustments of the ships and containers.Despite being a slower means of transport, it is also one of the most sustainable on the market.