Singapore‘s fleet reaches 2,861 vessels over 1,000 gross registered tonnes and is the fourth largest in the world, according to a report by the World Trade Organization (WTO).
In January 2020, Singapore’s fleet ranked only behind those of Greece, Japan and China.
Likewise, its cargo capacity totaled 137 million 299,726 deadweight tons.
At the same time, Singapore’s national-flagged fleet numbered 1,493 vessels and had a cargo capacity of 74 million 754,209 dwt, or 55.45% of the total, while foreign-flagged Singapore-owned vessels were 1,368, with a capacity of 62 million 545,517 deadweight tons, that is, 45.55% of the total capacity.
National fleet: cargo capacity by type of vessel, 2015 and 2019
The country is one of the major global and regional shipping hubs.
As a port hub, Singapore is a critical point in the global supply chain and the hub for relay transshipment and radio transshipment for major routes such as Europe, the Far East, Africa and India, and inter-Asian traffic.
In 2019, its registry ranked fifth in the world in terms of gross tonnage and its port ranked second in terms of container traffic dispatched.
Also Singapore is an important maritime center. The Singapore International Maritime Center has one of the highest concentrations of international shipping groups and offers a wide range of maritime services, including ocean brokerage, ship management, insurance services and legal services.
Furthermore, Singapore’s share of world imports and exports is five times its share of GDP.
Thus, Singapore has one of the highest concentrations of international shipping groups worldwide.
These companies cover various sectors, from container ships, bulk carriers and oil tankers to offshore vessels and merchant marine.
One reason for this is that the Straits of Malacca and Singapore are important channels for the growing Asian routes.
To conclude, shipbuilding appears to be of little importance, but it is concentrated in high-value segments such as high-tech navigation equipment and offshore construction.