Singapore's Maritime Sector: A Beacon of Resilience in 2024

In 2024, Singapore's maritime sector demonstrated remarkable resilience and growth, despite global supply chain disruptions. The industry recorded new highs in annual vessel arrival tonnage, total tonnage of ships under the Singapore flag, container throughput, total bunker sales, and alternative bunker fuel sales. This article explores the key factors contributing to this success and the implications for the future of the maritime sector.



Growth Drivers

1. Diversified Shipping Categories: The key shipping categories - bulk carriers, container ships, and tankers - each accounting for close to a third, contributed to over 90% of Singapore's vessel arrival tonnage in 2024. This diverse distribution reflects Singapore's position as a major hub supporting the diversity of global shipping, carrying commodities, containers, energy supplies, and various trades (MPA, 2025).
2. Increased Cargo and Container Throughput: Cargo throughput handled at the port of Singapore rose to 622.67 million tonnes, an increase of 5.2% from 592.01 million tonnes in 2023. Container throughput from both PSA terminals and Jurong Port crossed the 40 million TEU mark for the first time, growing by 5.4% and reaching a new record of 41.12 million TEUs compared to 39.0 million TEUs in 2023 (MPA, 2025).
3. Expansion of Tuas Port: The new Tuas Port currently has 11 operating berths, with 7 more berths to be operational by 2027. Reclamation works in Phase 2 of the port are about 75% completed. This expansion has contributed to the growth of the maritime sector by increasing the port's capacity and efficiency (MPA, 2025).
4. Growth in Bunker Sales: Total bunker sales registered a new high of 54.92 million tonnes, marking a 6.0% year-on-year increase. This growth was partly due to the extended Asia-Europe shipping routes via the Cape of Good Hope given the disruptions in the Red Sea. Singapore made steady progress as the world's largest bunkering port, supplying over a sixth of the total fuel used by global shipping (MPA, 2025).
5. Increased Sales of Alternative Bunker Fuels: Sales of alternative bunker fuels exceeded one million tonnes for the first time to reach 1.34 million tonnes in 2024, a year-on-year doubling. The sale of biofuel blends grew from 0.52 million tonnes in 2023 to 0.88 million tonnes, while LNG increased from 0.11 million tonnes to 0.46 million tonnes in the same period. This shift towards alternative fuels supports Singapore's commitment to sustainability and innovation in the maritime sector (MPA, 2025).
6. Growth as an International Maritime Centre: As a leading International Maritime Centre, Singapore is home to close to 200 international shipping groups. More than 30 maritime companies spanning shipping, legal, insurance, shipbroking, and marine tech sectors have established or expanded their operations in Singapore during the year. Notably, classification society RINA announced the set-up of its Open Innovation Hub in Singapore. Total business spending by key maritime companies overseen by MPA increased to S$5.2 billion in 2024, up from S$4.8 billion the previous year (MPA, 2025).

Implications and Opportunities

The strong performance of Singapore's maritime sector in 2024 highlights the industry's resilience and adaptability in the face of global challenges. As the sector continues to grow, there are several implications and opportunities to consider:

1. Investment Opportunities: The growth in alternative bunker fuels and the expansion of Tuas Port present investment opportunities for companies involved in these areas. Additionally, the increased demand for bunkering services due to rerouted shipping routes may benefit companies like Scorpio Tankers, which owns a significant number of long-range II (LR2) oil product tankers.
2. Sustainability and Innovation: The shift towards alternative fuels and the growth of Singapore as an International Maritime Centre underscore the importance of sustainability and innovation in the maritime sector. Companies and investors should consider these factors when evaluating potential investments and strategic partnerships.
3. Regional Collaboration: The growth of Singapore's maritime sector can be further enhanced through regional collaboration with other Asian ports, such as Shanghai and Ningbo Zhoushan. This can help support the growth of regional supply chains and facilitate the efficient movement of goods and people.

In conclusion, Singapore's maritime sector demonstrated remarkable resilience and growth in 2024, driven by a diverse range of factors. As the industry continues to evolve, investors and stakeholders should remain vigilant to emerging opportunities and trends, while also considering the broader implications for sustainability and regional collaboration.