Singapore – world’s leading shipping centre for 11th consecutive year
NewsSingapore has been recognized as the world’s leading shipping centre for the 11th year, due to its strategic location and strong maritime ecosystem.
Malaysia eyes the top spot
With its move from Singapore to PTP finally confirmed Evergreen becomes the second major carrier to turn its back on Singapore. However it is not just PTP that Singapore needs to be concerned about, as Port Klang is gaining significant transhipment traffic.
The global economic situation, rising insurance costs and an oversupply of shipping tonnage are causing major problems in east-west trades where lines are withdrawing up to 15 per cent of capacity in an effort to prevent rates falling even further. That a recovery is not predicted until 2003 should be bleak news for SEA ports. Malaysian ports, however, remain upbeat about the prospects for 2002 as the tough financial climate should encourage lines to look for cheaper port options.
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