2022 proves to be the Port of Singapore’s second busiest year

Trade & Border IssuesHot Spots
Written By Jennifer Joslyn

🚢 2022 proves to be the Port of Singapore’s second busiest year.

Racking 37.3 million TEUs in 2022, the port’s minuscule decline of 0.7% compared to the previous year is just a blip on the radar. Regardless of reports of global container trade beginning to decline as demand slows, the volumes moving through the port have been hugely profitable. The Port of Singapore is one of the busiest and most important ports in the world. It is strategically located at the crossroads of major international shipping lanes and serves as a gateway to Southeast Asia. One of the main advantages of the Port of Singapore is its deep natural harbor, which allows it to accommodate large vessels, including supertankers and container ships. This, in combination with its advanced infrastructure, efficient logistics, and skilled workforce, makes it an ideal location for transshipment and container handling.

Read more from Container News ▶

Featured
South Korea Welcomes U.S. Extension on EV Tax Credits
South Korea Welcomes U.S. Extension on EV Tax Credits

South Korea has welcomed the U.S. decision to extend electric vehicle tax credits for cars containing Chinese graphite until 2026.

Taiwan Earthquake Shakes Up Semiconductor Supply Chain
Taiwan Earthquake Shakes Up Semiconductor Supply Chain

A massive 7.2-magnitude earthquake rocked Taiwan's eastern coast last Wednesday, causing not only tragic loss of life but also significant ripples in the semiconductor industry.

Taiwan Earthquake Shakes Up Semiconductor Industry
Taiwan Earthquake Shakes Up Semiconductor Industry

Taiwan's biggest quake since 1999 could jolt the semiconductor supply chain across Asia.

Gucci's Slip as Kering's Shares Take a Hit Amidst Warning of First-Quarter Sales Dip
Gucci's Slip as Kering's Shares Take a Hit Amidst Warning of First-Quarter Sales Dip

Kering, a renowned French luxury brand, witnessed a significant decline in its shares, marking its worst performance to date.

PayCargo Expands into Asia, Tapping into Hong Kong's Logistics Hub
PayCargo Expands into Asia, Tapping into Hong Kong's Logistics Hub

PayCargo, a US-based logistics payment platform, backed by Blackstone, is entering the Asian market via Hong Kong, leveraging its status as a major air cargo hub.

U.S. Aims to Strengthen Indo-Pacific Defense Cooperation
U.S. Aims to Strengthen Indo-Pacific Defense Cooperation

The U.S. is ramping up defense industrial cooperation with Indo-Pacific partners like Japan, India, and others to bolster supply chain resilience amid threats, particularly from China.

Uzbekistan's Groundbreaking Green Hydrogen-Wind Plant Paves the Way
Uzbekistan's Groundbreaking Green Hydrogen-Wind Plant Paves the Way

Central Asia is making strides in combating climate change with the construction of its first green hydrogen-wind plant in Uzbekistan.

Lazada Initiates Layoffs Amidst Southeast Asian E-commerce Competition
Lazada Initiates Layoffs Amidst Southeast Asian E-commerce Competition

Lazada, the Southeast Asian e-commerce platform owned by Alibaba, has initiated a new round of layoffs that will be affecting employees across all Southeast Asian markets.

San Francisco Gears Up for APEC Conference Amidst Homelessness Challenge
San Francisco Gears Up for APEC Conference Amidst Homelessness Challenge

Workers in San Francisco are preparing the city for the Asia-Pacific Economic Cooperation (APEC) conference, where politicians, executives, and journalists from around the world are expected to gather.

US to Fund $553 Million Container Terminal Project in Sri Lanka Amid Global Competition with China
US to Fund $553 Million Container Terminal Project in Sri Lanka Amid Global Competition with China

The United States has announced a $553 million project to construct a deep-water shipping container terminal in Sri Lanka's Port of Colombo.

Supply Chain Shift from China to Southeast Asia Could Fuel Middle-Class Growth
Supply Chain Shift from China to Southeast Asia Could Fuel Middle-Class Growth

Liew Chin Tong, Malaysia's deputy minister of investment, trade, and industry, believes that the diversification of supply chains away from China presents a significant opportunity for Southeast Asian countries.

Former US and South Korean Officials Discuss the Need for Western-led Trade Pacts in Asia
Former US and South Korean Officials Discuss the Need for Western-led Trade Pacts in Asia

During a panel discussion, former officials from the US and South Korea debated the necessity of having both the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework (IPEF) in the Asia-Pacific region.

U.S. Treasury Secretary Janet Yellen Highlights the Importance of Strengthening Ties with Vietnam
U.S. Treasury Secretary Janet Yellen Highlights the Importance of Strengthening Ties with Vietnam

U.S. Treasury Secretary Janet Yellen emphasized the importance of strengthening economic and security ties with Vietnam during her visit to the country, as part of the United States' efforts to build relationships in Asia.

Asia to Spearhead Air Traffic Boom in Coming Decades, Predicts Airbus
Asia to Spearhead Air Traffic Boom in Coming Decades, Predicts Airbus

Airbus forecasts that over the next 20 years, approximately 40,850 new jets will be delivered by aircraft manufacturers as airlines expand their fleets and replace older planes with more fuel-efficient models, with Asia being a significant driver of this growth.

In the UAE plans are underway to establish a massive freight grid
In the UAE plans are underway to establish a massive freight grid

Swedish electric and autonomous trucking company, Einride, has signed a Memorandum of Understanding (MOU) with the United Arab Emirates (UAE) to develop a freight mobility grid called Falcon Rise.

Production at Toyota Indus has been temporarily halted
Production at Toyota Indus has been temporarily halted

Toyota Indus, a subsidiary of Toyota operating in Pakistan, has announced the complete shutdown of its production plant in Karachi from June 3 to June 8, 2023.

Conclusion in Sight: US and Indo-Pacific Trade Talks
Conclusion in Sight: US and Indo-Pacific Trade Talks

After months of discussions and negotiations, the trade talks involving 14 countries are finally approaching an agreement regarding the crucial coordination of their supply chains.

Supply Chain Challenges to Benefit India, Experts Say
Supply Chain Challenges to Benefit India, Experts Say

According to a survey conducted by the World Economic Forum, over 70% of economists believe that India will benefit from the global economic turbulence.

Evergreen Orders Multi-Billion Dollar Boxships
Evergreen Orders Multi-Billion Dollar Boxships

Taiwan's Evergreen has released a tender for twenty-four 16,000 TEU methanol dual-fuel ships, with each unit estimated to cost $180 million.

Current Business Enthusiasm for India Explained
Current Business Enthusiasm for India Explained

India's economic growth and business opportunities have attracted a lot of attention and investment from international corporations.

Singapore, Long Beach, and Los Angeles Ports Sign Green Agreement
Singapore, Long Beach, and Los Angeles Ports Sign Green Agreement

The Maritime and Port Authority of Singapore, Long Beach, and Los Angeles (along with support from C40 Cities) have signed a memorandum of understanding to establish a green and digital shipping corridor.

Thailand Emerges as a Leading Automotive Hub
Thailand Emerges as a Leading Automotive Hub

As the second largest economy in Southeast Asia, Thailand has established itself as a major automotive hub, with companies like Sony and Sharp setting up operations in the country.

Bangladeshi Workers to Receive Wage Increase
Bangladeshi Workers to Receive Wage Increase

The minimum wage for garment workers in Bangladesh has increased from $75 to $226.

Possible North Korea-Linked Cyberattack Attempts to Steal Information from 1,000+ Networks
Possible North Korea-Linked Cyberattack Attempts to Steal Information from 1,000+ Networks

A cyberattack, possibly linked to North Korea, has attempted to install malware in over 1,000 networks to steal information and credentials from corporate networks.

The Asia shipping market is looking sluggish in 2023
The Asia shipping market is looking sluggish in 2023

The global economy has been experiencing significant uncertainty in recent years, with concerns about a potential recession, geopolitical tensions, and other factors weighing on consumer and business confidence.

Asia’s labor cost advantages in manufacturing can be fought with investments in AI domestically
Asia’s labor cost advantages in manufacturing can be fought with investments in AI domestically

AI can be used to optimize supply chain management, reducing lead times and increasing efficiency in the movement of goods between manufacturing facilities and warehouses.

Asia’s offshore wind farms are facing major challenges
Asia’s offshore wind farms are facing major challenges

A shortage of ships to transfer the massive wind turbines to their locations from shore to sea has been a pitfall of the continent’s green energy project.

2022 proves to be the Port of Singapore’s second busiest year
2022 proves to be the Port of Singapore’s second busiest year

Racking 37.3 million TEUs in 2022, the port’s minuscule decline of 0.7% compared to the previous year is just a blip on the radar.

TSMC gets to work as the world prepares to battle it out over chipmaking
TSMC gets to work as the world prepares to battle it out over chipmaking

Taiwan Semiconductor Manufacturing Co., the primary chipmaker for Apple Inc. , has begun production of its revolutionary advanced 3-nanometer chips in Taiwan.

As China loses supply chains, other Asian countries step up to take their place
As China loses supply chains, other Asian countries step up to take their place

India, Vietnam, Thailand, Malaysia, and Bangladesh are all scrambling to replace China’s top spot as the manufacturing capital of the world after strict Covid-19 policies are sending global companies whirling.

Jennifer Joslyn
Previous

Step it up, senior management! Sustainability is up to you
Next

Packaging industry standards are changing to become more sustainable