PSA Singapore, the largest terminal operator in Singapore, reached a milestone by handling over 40 million TEU in 2024 despite disruptions to traffic flow. Nelson Quek, Regional CEO Southeast Asia for PSA International, highlighted Singapore’s position as a transshipment hub amidst challenges like diversions away from the Red Sea.
Analysts have observed a sharp rise in containership construction due to demand and fleet modernization. Alphaliner predicts continued growth, with record orders for containerships. Top carriers are investing in new vessels to meet capacity needs and environmental regulations. Fleet renewal and efficiency improvements are driving the surge in orders.
The container shipping segment is undergoing rapid changes, with MSC Mediterranean Shipping Company leading the way. Surpassing competitors, MSC has achieved a 20% market share and is on track to reach over 7 million TEU by 2025. Strategic acquisitions and capacity additions have propelled MSC to the forefront of the industry, with analysts predicting further growth and shifts ahead.
The Panama Ship Registry maintained its industry leadership in 2023, modernizing the registry and purging non-compliant vessels. With 8,540 vessels, it became the largest registry by number of ships, despite competition from the rapidly growing Liberian flag registry. Panama’s focus on fleet quality and compliance led to the cancellation of 161 vessels in 2023.
