THE Port of Shanghai will continue to stay on top and Singapore will stay stuck in second place in container handling facilities, according to a report by BMI Research, reports the Singapore Business Review.
Shanghai will remain as the world's largest box port in the medium-term, after Singapore yielded its crown Shanghai in 2010, said the report from London-based Business Monitor International (BMI).
"Despite an improving outlook for the port of Singapore, we nevertheless do not believe that the facility will manage to reclaim the number one position in terms of global container handling facilities over the medium term." said the BMI report.
"For the Port of Singapore to retain its position as the top Asian transshipment hub and battle the port of Shanghai for first position, Singapore must continue to expand and keep up with shipping trends," said the report.
"Singapore has been slow to keep pace with the 'bigger is better' trend in box shipping sector, with the port not featuring on the route of 18,000-TEUers, first the first of which was launched launch by Maersk Line in July 2013. Hong Kong is the Asian transshipment point for this vessel," BMI Research said.
BMI forecasts that from 2017 to 2019, the port of Singapore will see container throughput average growth of 3.27 per cent to reach 37 million TEU, while tonnage will record average annual gains of 3.1 per cent, reaching 660.84 million tonnes by the end of 2016.
The BMI forecast predicts an annual average increase of 1.8 per cent to 37 million TEU in 2019.
"Although we expect Shanghai to remain the largest port in terms of tonnage throughput, the Trans-Pacific Partnership (TPP) trade deal presents considerable upside potential to our forecasts for the Port of Singapore," said the BMI report.
"The TPP will further bolster the rapidly expanding maritime trade flows between Asia and Latin America, as well as reviving the transpacific trade route between North America and Asia," said the report.
OPINION
05 January 2016 - 22:04
Singapore will never regain global container port crown, said BMI Research
THE Port of Shanghai will continue to stay on top and Singapore will stay stuck in second place in container handling facilities, according to a report by BMI Research, reports the Singapore Business Review.
OPINION
05 January 2016 - 22:04
Singapore will never regain global container port crown, said BMI Research
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