The Port of Singapore enjoyed its best year ever in 2019 as it handled a record 37.2 million TEU despite a challenging environment for global trade.
Its TEU traffic was an increase of 1.6% from 2018, which demonstrates Singapore’s growing importance to the global shipping industry.
Singapore has grown substantially since 2010 when it handled approximately 28.4 million TEU.
It is currently the second busiest container port in the world and plans to take Shanghai’s place at number one when the Tuas Port is completed by 2040.
In a statement, the Maritime Port Authority Singapore (MPA) said: “The Port of Singapore recorded strong growth in the past decade.
“In particular, container throughput in 2019 hit an all-time high of 37.2 million twenty-foot equivalent units (TEUs), amidst challenging global economic conditions.”
Singapore is also the largest refueling (bunker) hub in the world but saw its fuel sales drop on 2018’s performance from 49.8 million to 47.5 million tonnes.
Its status as a major bunker hub has made it critical since the introduction of IMO 2020, the regulations which prohibit a vessel’s fuel containing more than 0.5% sulfur.