Trade
Singapore Port Logjam Lingers as Container Ships Keep Piling In
- Malaysian ports not an easy substitute for Singapore: Drewry
- Red Sea tensions, higher seasonal demand push freight rates up
Gantry cranes and shipping containers at the Brani Terminal in Singapore on June 13.
Photographer: Aparna Nori/BloombergThis article is for subscribers only.
The logjam that’s been plaguing Singapore’s container port is bringing forward this year’s peak season for the shipping sector, spelling trouble for businesses in the city-state.
The bunching up of container vessels outside one of the world’s busiest maritime trade hubs — caused by ships avoiding the Red Sea due to Houthi rebels’ attacks — means there’s more cargoes trapped in shipyards for longer. That’s pushing freight rates ever higher, with no immediate end to the congestion in sight.