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Singapore Freight Transport Report Q3 2007Product Type: Market Research ReportPublished by: Business Monitor International Published: August 2007 Product Code: R302-1477 Description Port of Singapore Authority (PSA) International, the world's biggest operator of container ports,moved a record 51.3mn 20ft containers in 2006, up 18.6% from the year before, at its ports in 11 countries ranging from Singapore and China to Belgium and Italy. Its flagship Singapore port moved 23.98mn 20ft equivalent units (TEUs), up 7.6% from 2005 when volume grew 8.1%. For January-May this year, container volume was up 13.9% from a year earlier, according to data posted on PSA's web site. Singapore's container port is the world's busiest, and is the centre for trade between Asia and the rest of the world. It profits from its location on the Malacca Strait, the crowded sea-lane at the southern tip of the Malaysian peninsula. In fact, BMI’s newly released Singapore Freight Transport Report concludes that the recent boom in shipping demand and cargo rates will continue easing over the next couple of years but will remain fundamentally healthy. In sea freight traffic carried (measured in million tonne-kilometres or mntkms) we are projecting average annual growth of 8.0%. Our shipping forecast is based on a number of factors. Our forecast for economic growth in 2007-2011 now stands at an annual average GDP increase of 5.1%. While Singapore in 2005 and 2006 held on to its newly-won position as the world’s busiest port, a strong competitive challenge from Chinese ports such as Shanghai and Shenzhen is shaping up. However, the decision to diversify the city-state’s energy supplies and seek long-term liquid natural gas (LNG) contracts should boost tanker traffic at the expense of pipeline throughput towards the end of the forecast period. Airfreight growth will also be vigorous, although the advent of the superjumbo planes that Singapore Airlines (SIA) is pioneering may ironically lead some airlines to pass over Changi airport and diminish its role as a hub. Overall, we now expect average annual growth in freight tonnage across all modes to total 6.0% in 2007-2011. With an aggregate score of 47, Singapore scores well in the BMI freight Business Environment Rating for Asia Pacific, coming out comfortably above the regional average of 44.7. Its strong points include low long-term political and economic risk and a strong regulatory environment, as well as a moderate but healthy rate of infrastructure growth. For the 2007-2011 forecast period, we expect the transport and communications sector to continue outpacing the economy as a whole in value terms. It will achieve average annual growth of 5.5%, versus 5.1% for overall GDP. The total value of transport and communications GDP will rise to US$22.15bn in nominal terms by 2011, representing 12.1% of Singapore’s GDP. Table of Contents
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