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Singapore seaport intensifies! Terminal utilization rate has reached 90%! Will boost freight rates further

Jun 14,2024

The port of Singapore, one of the busiest ports in the world, has been recently detoured by ships due to the Red Sea crisis, making its congestion problem more and more serious. The attack by Yemeni Houthi forces on merchant ships in the Red Sea forced shipping companies to choose to avoid the Suez Canal and bypass the Cape of Good Hope in southern Africa,As a result, freighters were unable to refuel or unload at Middle Eastern ports and turned to Singapore.Poe off the sea and so on into the port.

As the port of Singapore connects shipping routes from Europe and the Middle East to China, it is the current center for refueling and container ship reallocation. However, congestion at the port not only delays the freight schedule, but also increases the pressure on freight rates. Drewry, director of maritime services,The utilization rate of Singapore's container terminals is close to 90%, far exceeding the best utilization rate of 70%.

According to statistics, the port of Singapore's container throughput in the first five months of this year has reached 16.9 million TEU, a year-on-year increase of 8%. However, as more and more ships detoured and modified their sailing schedule, a large number of containers were accumulated in the container yards of several specific ports, and the waiting time for ships to enter the port was greatly extended.

The HSBC analyst team predicted in the report that the price of seaborne in stock may continue to rise due to the difficulty of solving the problem in the short term. The team pointed out that the poor port efficiency is mainly concentrated in the export belt and some transshipment centers in Asia, which may lead to further increase in container freight rates.

According to Drewry's data, 44 container ships had to wait in line for four days to enter the port last month, which was significantly more congested than the 14 container ships in January this year. Experts warn,The Port of Singapore's problems are likely to worsen in the coming months, as it usually takes some time for the effects of ship detours to be fully reflected in the global transport system.

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