The number of vessels arriving at the Port of Singapore (2,303) in May increased 66 per cent compared to May 2023, found FourKites.
Through May, Singapore has seen nearly 50 per cent more vessels in 2024 compared to the same timeframe last year.
Shipments delayed in Singapore increased 44 per cent year-over-year in May and 27 per cent in June through 25 June.
Mike DeAngelis, FourKites Senior Director, International Solutions said: “The lack of available empty shipping containers in key export markets is an ongoing concern.
“Containers are getting caught up in a global mix of delays ranging from congestion in Singapore (which is up year-over-year, and the port transships a fifth of the world’s containers) to longer voyages due to diversions related to the Red Sea attacks to the reduced Panama Canal transits which are still below historical levels (although improving), to the recent strikes in Germany as well as the threat of strikes in Canada and the US East Coast.”
On the demand side, it appears that the start of the annual peak season has come early, and it is likely that many of these issues will not ease any time soon, according to DeAngelis.
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DeAngelis reported that this suggests that carriers will continue to scramble to reposition empty equipment, which can have a negative knock-on effect on certain export markets, such as the Indian subcontinent.
