According to MANA, Overall cargo volumes and vessel tonnage increased, but container throughput remained flat
THE Port of Singapore’s overall performance statistics for 2016 showed steady growth on most parameters, despite weaker global trade and economic activity that continued to be a drag on container throughput volumes.
The maritime sector is vital to Singapore’s economy, accounting for around 7% of the country’s gross domestic product and employing more than 170,000 people, as well as being home to over 130 international shipping conglomerates.
Singapore’s total cargo tonnage handled last year increased by 3% over 2015 to reach 593.3m tonnes, the Maritime and Port Authority of Singapore said in a statement.
Singapore also remained the world’s top bunkering port in 2016, having sold a total of 48.6m tonnes of marine bunkers, which is 7.7% more than the 45.2m tonnes recorded in 2015.
UNCTAD has ranked Singapore as the second-most connected country in the world for two years in a row, based on port connectivity, while the World Economic Forum’s port infrastructure rankings rate Singapore as having the second-best port infrastructure, the MPA said.
He said that 2017 would be another pivotal year due to new geopolitical uncertainties, changes in alliance structures, and new international regulations coming into effect this year.