In 2024, Singapore achieved record highs in container throughput and gross tonnage, with notable growth also reported across various metrics, including cargo volume and total tonnage.
The Maritime and Port Authority of Singapore (MPA) said annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales, and alternative bunker fuel sales reached new highs last year.
Cargo throughput handled at the port of Singapore also increased in 2024.
Murali Pillai, minister of state for law and transport, said that despite strained global supply chains, Maritime Singapore has maintained strong growth momentum in 2024 and looks forward to continued steady growth in 2025.
For one, the annual vessel arrival tonnage in the port of Singapore grew by 0.6%, reaching a new record of 3.11 billion gross tonnage (GT), up from 3.09 billion GT in 2023.
Pillai said the key shipping categories – bulk carriers, container ships and tankers – each accounted for nearly a third and contributed to over 90% of Singapore's vessel arrival tonnage in 2024. Arrivals of bulk carriers also hit a record high in 2024. Other categories, such as specialised vessels, ferries and cruise liners, account for the remainder.
Cargo throughput handled at the port of Singapore also rose to 622.67 million tonnes, an increase of 5.2% from 592.01 million tonnes in 2023.
Container throughput from PSA terminals and Jurong Port crossed the 40 million TEU mark for the first time, growing by 5.4% and reaching a new record of 41.12 million TEUs compared to 39.0 million TEUs in 2023.
Approximately 90% of Singapore's container throughput is for transhipment to other destinations, solidifying Singapore's position as the largest container transhipment hub in the world.
MPA noted that most container vessels complete their simultaneous cargo handling and bunkering within a day of arrival.
Meanwhile, it said that various efforts were undertaken collectively by the MPA, PSA Singapore, and unions to address the port congestion arising from the Red Sea situation in mid-2024.
These included commissioning new berths at Tuas Port, reactivating berths and yard spaces at Keppel Terminal, increasing manpower capacity, working with shipping and feeder lines to optimise operations schedule, and permitting night-tow operations for container barges to and from Pasir Panjang Terminal for the first time.
11 berths at the new Tuas Port are now operational, with 7 more berths to be operational by 2027.
Reclamation works in Phase 2 of Tuas Port are also about 75% completed.
Bunker sales grew
Total bunker sales also registered a new high of 54.92 million tonnes, marking a 6.0% year-on-year increase.
MPA said the increased uptake was partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope, given the disruptions in the Red Sea. Singapore made steady progress as the world’s largest bunkering port, supplying over a sixth of the total fuel used by global shipping.
Sales of alternative bunker fuels exceeded one million tonnes for the first time to reach 1.34 million tonnes in 2024, a year-on-year doubling.
Specifically, the sale of biofuel blends grew from 0.52 million tonnes in 2023 to 0.88 million tonnes.
The announcement noted that biofuel blends of up to B50 are available commercially, with trials of up to B100 ongoing. LNG increased from 0.11 million tonnes in 2023 to 0.46 million tonnes.
In terms of Singapore Registry of Ships (SRS) performance, MPA said the total tonnage of ships under the Singapore flag exceeded 100 million GT for the first time and reached a new record high of 108 million GT, an increase of 8.5% from 99.6 million GT in 2023.
It noted that the SRS remains one of the world's top five ship registries.