Singapore Port Achieves Record Container Throughput in 2023

Singapore Port Achieves Record Container Throughput in 2023

In a remarkable feat, the Port of Singapore has reported a record container throughput of 39.01 Mteu (million twenty-foot equivalent units) for the year 2023. This represents a notable 4.6% increase compared to the figures from 2022, establishing a new benchmark for the world’s second-largest container port, according to Alphaliner.

This surge in container activity has allowed Singapore to maintain its competitive edge, albeit with a slight narrowing of the lead over its closest rival, Shanghai. Shanghai’s container traffic increased by 3.9% in the same period, reaching just over 49.00 Mteu.

A significant contributing factor to Singapore’s success lies in the operationalization of eight berths from the new Tuas Port Phase 1. These additions have bolstered the port’s efficiency and capacity, showcasing the nation’s commitment to staying at the forefront of global maritime trade. Moreover, substantial progress has been made in Tuas Port Phase 2, with 70% of reclamation works already completed.

Despite the overall positive trend, the Port of Singapore’s managing entity, PSA, experienced a marginal dip in container throughput for the year 2022. The throughput decreased to 37.29 Mteu, down from the previous record of 37.57 Mteu set in 2021. This minor setback does not overshadow the port’s impressive achievements in 2023, positioning Singapore as a key player in the ever-evolving landscape of international maritime trade.

Source: Alphaliner

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