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The Singapore freight and logistics market is expected to witness a CAGR of 5% during the forecasted period
Singapore is one of the world's most open economies. It has the world's highest trade to GDP ratio, with the total trade reaching more than the GDP. This reflects the country's role as a trading port and an oil and gas hub, and its participation in regional supply chains, which has over time, led to a significant increase in trade of intermediate goods. The country is a regional hub for logistics players and helps companies drive speed to the global market through excellent infrastructure and connectivity.
According to the World Bank's Logistics Performance Index (LPI) 2018, the country ranks seventh in the world and ranks third for logistics competence. Being a regional hub, the country is a preferred location for manufacturers who can have support from the ecosystem of leading shippers and third-party logistics providers (3PLs) in the country. The manufacturing companies base their supply chain control towers and distribution centers in Singapore, in order to orchestrate their regional and global supply chains.
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Key Market Trends
World-class Logistics Infrastructure and Excellent Connectivity
Singapore has seamless transport connectivity. It has dense sea and road networks for multimodal transshipment, with a Seamless intermodal connectivity between one of the world's busiest seaports and airports. The airport is less than an hour drive from PSA terminals, the world's second-largest container port and busiest transshipment hub, with connectivity to over 600 ports. PSA has four container terminals, one multi-purpose terminal, and one vehicle transshipment terminal operational in the country. PSA also has a huge shipping line network of 200 shipping lines, connecting 123 countries with vessels, with a frequency of 60 per day.
Changi International Airport is one of the world's busiest airports for international air cargo, handling over 1.97 million metric ton annually, with transshipment volume accounting for almost half of the throughput, hence regarded as global air cargo hub. Designed to move cargo, like clockwork round the clock, the cold chain facilities, warehouses, and offices at Changi Airfreight Centre (CAC), coupled with the Airport Logistics Park of Singapore (ALPS), are well equipped to cater to all operational needs. Airfreight operations at Changi Airport are centered at the Changi Airfreight Centre (CAC), a 24-hour Free Trade Zone, where transshipment cargo can be broken down and reconsolidated with minimal Customs formalities.
Insights on Maritime Transport and Role of Singapore as a Key Transshipment Hub
Port of Singapore is recognized as the busiest container transshipment hub in the world. The strategic geographical location of the country serves as a gateway to ASEAN countries and the rest of the world and has a connection with more than 600 ports in over 120 countries. Owing to the excellent quality and services, world-class infrastructure, and consistent R&D activities, the maritime sector has gained traction over the past few years.
Owing to the future growth in the container throughput, MPA, along with PSA Singapore, has been expanding the Pasir Panjang Terminal. It is expected that the port capacity will be increased by 50% upon the completion of the expansion process. Additionally, the ports will be able to handle the mega-container ships. To reduce the shipping costs and gain productivity, shipping companies are coming up with mega-alliances. The ports with the capability of handling the mega-alliances gain a competitive advantage.
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Most of the manufacturing companies base their supply chain control towers and distribution centers in Singapore, in order to orchestrate their regional and global supply chains. This scenario has attracted global logistics companies to mark their footprint in the Singaporean logistics industry. Changi Airport is home to four major express players-DHL Express, FedEx Express, TNT Express, and UPS. Features of this on-airport hubs in FTZ include direct access to the airside and freighter-parking stands for sorting and turnaround of goods, and tax-free transshipments within the Free Trade Zone. Furthermore, Airport Logistics Park of Singapore (ALPS) have leading global third-party logistics companies (3PLs), like Expeditors, DB Schenker, Nippon Express, with sizeable facilities. This report provides detailed profiles of global, as well as local players, with country-level developments. Additionally, the document also consists of market concentration of these players with significant merger and acquisition activities.
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