Singapore Achieved Record Growth in 2024

Singapore’s annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales and sales of alternative bunker fuels, reached new highs in 2024. Cargo throughput handled at the port of Singapore also increased in 2024.

The annual vessel arrival tonnage in the port of Singapore grew by 0.6%, reaching a new record of 3.11 billion gross tonnage (GT), up from 3.09 billion GT in 2023. The key shipping categories - bulk carriers, container ships and tankers - each accounting for close to a third, contributed to over 90% of Singapore’s vessel arrival tonnage in 2024. Arrivals of bulk carriers also hit a record high in 2024.

Cargo throughput handled at the port of Singapore also rose to 622.67 million tonnes, an increase of 5.2% from 592.01 million tonnes in 2023.

Container throughput from both PSA terminals and Jurong Port crossed the 40 million TEU mark for the first time, growing by 5.4% and reaching a new record of 41.12 million TEUs compared to 39.0 million TEUs in 2023. Around 90% of Singapore’s container throughput is for transshipment to other destinations. Singapore remains the largest container transshipment hub in the world.

FLAG

As a leading International Maritime Centre, Singapore is home to close to 200 international shipping groups. In addition, more than 30 maritime companies spanning shipping, legal, insurance, shipbroking and marine tech sectors, have established or expanded their operations in Singapore during the year. Classification society RINA announced the set-up of its Open Innovation Hub in Singapore.

Singapore retained its position as the world’s top maritime centre in the Xinhua-Baltic International Shipping Centre Development Index for the 11th consecutive year.

The total tonnage of ships under the Singapore flag exceeded 100 million GT for the first time and reached a new record high of 108 million GT, an increase of 8.5% from 99.6 million GT in 2023. The Singapore Registry of Ships (SRS) remains one of the world’s top five ship registries.

BUNKERING

Total bunker sales registered a new high of 54.92 million tonnes, marking a 6.0% year-on-year increase. The increased uptake was partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope given the disruptions in the Red Sea. Singapore made steady progress as the world’s largest bunkering port, supplying over a sixth of the total fuel used by global shipping.

Sales of alternative bunker fuels exceeded one million tonnes for the first time to reach 1.34 million tonnes in 2024, a year-on-year doubling. The sale of biofuel blends grew from 0.52 million tonnes in 2023 to 0.88 million tonnes. Biofuel blends of up to B50 are available commercially with trials of up to B100 on-going.

LNG increased from 0.11 million tonnes in 2023 to 0.46 million tonnes. An Expression of Interest was launched in December 2024 to explore scalable solutions for sea-based LNG reloading to complement the existing onshore LNG bunkering storage and jetty capacities and support the supply of e-/bio methane as marine fuel in Singapore.

Methanol was available on a commercial scale and registered 1,626 tonnes, while 9.74 tonnes of ammonia was bunkered for the first time globally in trials in our port.

MPA will reduce the verification frequency of mass flow meters from twice to once a year, starting April 1, 2025. This aligns with the updated SS648:2024 standards and is expected to save the industry approximately S$300,000 a year. Risk-based audits will continue as the industry undertakes the transition.

From April 1, 2025, all bunker suppliers will need to provide digital bunkering services and issue electronic bunker delivery (e-BDN) notes by default.

Under the Singapore-Ports of Los Angeles and Long Beach GDSC, discussions are ongoing with industry partners, including Hafnia, K Line and MOL, to support alternative fuels trials and Just-In-Time data-exchange projects for vessels.

Under the Singapore-Tianjin GDSC, the Nanyang Technological University’s Maritime Energy and Sustainable Development Centre and the China Classification Society are researching quality and testing standards of green methanol fuels and greenhouse gas intensity of green methanol production from various pathways.

FUTURE

Global GDP growth is forecasted to remain steady in 2025 with seaborne trade projected to grow 1.9%, with some re-routing of trade routes expected. The major shipping segments - bulk carriers, container ships, tankers and specialised vessels - are expected to continue performing better than pre-pandemic years.

Regional supply chains are adapting to rising demand and increased production within Asia. This has supported the growth of ports in the region, including those in Malaysia, Indonesia and Vietnam. Notably, Asian ports such as Shanghai and Ningbo Zhoushan, have experienced robust growth in 2024 and are expected to continue expanding overall container volumes. Shipping alliances are responding to these shifts and reconfiguring in Q1 2025 to optimise their coverage in key markets, including in Asia.