The Port of Singapore is the collection of facilities and terminals that conduct maritime trade and handle Singapore's harbours and shipping. It has been ranked as the top maritime capital of the world, since 2015.
According to data from Singapore’s Maritime and Port Authority, vessel arrivals in June totaled approximately 241 million tonnes, 10% less than the previous month and the lowest level since February 2023.
The volume of containers handled at the Asian shipping hub decreased by 5% in June compared to the previous month, totaling 3.4 million twenty-foot equivalent units. This indicates that the maritime bottleneck resulting from ships diverting their course from the Red Sea due to Houthi attacks is starting to loosen.
The Business Times reports that since steps including the reactivation of some berths and yard space were taken, average wait times at the port are also decreasing. According to MPA data, overall container volumes processed in Singapore during the first half of 2024 were 6.4% higher than during the same period in the previous year.
The fact that some ship owners chose to unload or refuel at Malaysian ports in order to avoid delays is one reason why June figures were lower. Because of the ongoing attacks in the Red Sea, ships are continuing to circumnavigate southern Africa without making port calls in the Middle East.
According to MPA data, the city-state’s sales of shipping fuel decreased in June, with consumption falling 11% from the previous month to 4.27 million tonnes. Compared to a year ago, sales volumes were still 8.7% higher.