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Singapore port container volumes down 10.4% in January

Singapore port container volumes down 10.4% in January
The port of Singapore has posted lower container throughput in January compared to the year-ago period, according to preliminary estimates released by the Maritime and Port Authority of Singapore (MPA).

The island-state recorded container volumes of 2.49m teu last month, a 10.4% fall compared to 2.78m teu seen in January 2015, MPA figures showed.

Last month’s volumes also fell by 1.2% month-on-month from 2.52m teu moved in December 2015.

In 2015, Singapore port handled a total throughput of 30.92m teu, representing a decrease of 8.7% from 33.87m teu registered in 2014.

MPA had said the decreased annual throughput in 2015 was due mainly to the overall slowdown in the global shipping market, made worse by lower Asia-Europe volumes and increased direct sailings on lower bunker prices.

In view of the prolonged shipping slump, Singapore will grant an additional 10% concession on port dues for containerships calling at the port, if the ships are carrying out cargo works with a port stay of not more than five days.