What happened in Singapore’s maritime sector in 2024

Despite disruptions, the industry maintained strong performance last year

The maritime industry has recorded new highs in 2024 despite hurdles in the global supply chain, the Maritime and Port Authority of Singapore (MPA) said.

In a statement, the MPA said the annual vessel arrival tonnage in the port of Singapore grew 0.6% to reach a new record of 3.11 billion gross tonnage (GT) last year. Key shipping categories - bulk carriers, container ships and tankers - contributed to over 90% of the vessel arrival tonnage in 2024. Other categories, such as specialised vessels, ferries and cruise liners account for the remainder.

This distribution reflects the city-state’s position as a major hub supporting the diversity of global shipping carrying commodities, containers, energy supplies, and various trades.

Cargo throughput handled at the port of Singapore also rose 5.2% to 622.67 million tonnes, whilst container throughput from both PSA terminals and Jurong Port breached 40 million twenty-foot equivalent unit (TEU) for the first time, and growing by 5.4% and reaching 41.12 million TEUs.

Around 90% of Singapore’s container throughput is for transshipment to other destinations. Singapore remains the largest container transshipment hub in the world.

The new Tuas Port currently has 11 operating berths, with 7 to be added by 2027. Meanwhile, reclamation works in Phase 2 of the port are about 75% completed.

Also recording a new high are total bunker sales which increased 6% to 54.92 million tonnes. This partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope given the disruptions in the Red Sea.

Sales of alternative bunker fuels reached 1.34 million tonnes in 2024, exceeding one million tonnes for the first time. Specifically, the sale of biofuel blends grew from 0.52 million tonnes in 2023 to 0.88 million tonnes in 2024, whilst LNG increased from 0.11 million tonnes to 0.46 million tonnes in the same period.

The total tonnage of ships under the Singapore flag reached a new record high of 108 million GT, up 8.5% from the previous year.

“Singapore will continue to enhance our offerings to serve all shipping segments whilst expanding capabilities in emerging domains such as space, aerial drones, and cyberspace to support businesses,” MPA said.

MPA expects the industry to sustain its growth this year driven by tripartite cooperation with the industry, unions, government, and a strong maritime research and development community.