The Port of Singapore saw its container and cargo volumes soar in May, 2016 to the highest levels seen in over a year, with the total number of containers rising 1.6% compared to May, 2015 to 2.66 million TEU, according to The Straits Times.
In a previous article by PTI, it was reported that volumes at the Port of Singapore had dropped for the fourth consecutive year.
Jason Chiang, Director of Ocean Shipping Consultants, said: “The mega shipping alliances which had been rapidly changing are now stabilised. The impact of the shift has since ceased and the Port of Singapore is now growing in line with the overall market.
This news comes amid a recent announcement that PSA-Singapore and CMA CGM had agreed on a joint-venture to lease and operate four container terminals in Singapore.
PSA has also recently opted into a joint-venture with Cosco Pacific in order to invest in new container berths at the Port of Singapore.
Singapore has been reported as being ready to participate in Iran’s plans to develop ports in the country.
PTI previously published a video by the Maritime and Port Authority of Singapore, showing the top 10 facts of its Pasir Panjang Terminal.