World’s second busiest port handled 2.665 million TEUs in May

courtesy: worldmaritimenews

The world’s second busiest port, the Port of Singapore, reported an increase in its cargo container traffic during May, the first time in over a year, preliminary data published by the Maritime and Port Authority of Singapore (MPA) show.

The port handled a total of 2.665 million TEUs in May, 1.6 percent more that the 2.622 million TEUs seen during the same month a year ago. Due to the difficulties that the container shipping market experienced during 2015, the port witnessed a decrease in its container cargo, which fell to 2.383 million TEUs in February 2016.

The Port of Singapore, which handled a total of 30.922 million TEUs in 2015, put in a mixed performance during the year, amid weak global economic conditions and structural changes in the maritime industry.

The fundamental imbalance of the containers shipping market worsened in 2015, according to BIMCO. While the demand side delivered only a sluggish growth level, the supply side jumped by an astonishing 8.1%.

Freight rates across the board saw lower levels more or less during 2015, while the depressing development and the accompanying volatility in 2015 were, even more, apparent in the spot market.