Singapore maritime industry remains as ‘world's top bunkering hub'

This is despite the economy contracting by 5.8% in 2020.

Singapore’s maritime industry continues to progress and has managed to retain its top spot in global rankings despite challenges in the economy brought about by the circuit breaker.

According to Senior Minister of State of Ministry of Transport and Ministry of Foreign Affairs Chee Hong Tat, Singapore managed to remain as the "world’s top bunkering hub" in the Xinhua-Baltic International Shipping Centre Development Index for the 7th consecutive year. The Port of Singapore was also still named the best Asian seaport for the 32nd time at the Asian Freight, Logistics and Supply Chain Awards.

He said that even with the steep decline in 2020, the maritime industry recorded a 5% YoY increase in sales. This is despite the 0.9% drop in Singapore’s container throughput in 2020 compared with 2019 and the 5.8% drop in cargo throughput in 2019.

“In 2020, our international maritime centre, or IMC for short, grew in scale and diversity. We welcomed 19 new international shipping groups and maritime companies, under MPA’s Maritime Sector Incentive scheme. Existing companies with an established presence in Singapore also expanded their operations here,” Tat said.

He added that this trends reflect a vote of confidence in Singapore’s stability, connectivity and capabilities.