Singapore Freight Forwarding market is a dominating pillar in the Singapore Industry, with 2400 companies currently giving mostly sea and road freight services in and out of the country, with currently generating $16 Bn and planning for technological automation, digitization, global trade network expansion, for it is expected to grow at ~8% by 2028.
STORY OUTLINE
- Singapore Freight market is currently rising its mode of shipment by road, improving technologies and expected to digitize the infrastructure in the coming years.
- Sea Ports have been playing a major role in flourishing a smooth Sea Freight shipment.
- International and Domestic Freights are increasing their shipment capacity, with help from the digitized infrastructure.
According to Ken Research, Singapore Freight Forwarding market is playing a big role in the maximum amount of shipment done both domestically and internationally, with maximum sea freights and road freights, constantly marking a growth annually.
- From technological advancements, digital modification of the technologies to E-commerce improvement and expansion of the extensive network of global trade agreements, are paving the ways for future growth.
Currently, with the No-Land border agreement with neighboring countries like Malaysia, Thailand, China and Vietnam, Singapore is extensively regulating imports and exports, from and to those countries.
- With the modernization and upscaling of workers by providing them with more jobs, the Freight market is making their mark in proficiently upgrading their sectors with both automated devices and proper man power.
1. Singapore Freight market is currently rising its mode of shipment by road, improving technologies and expected to digitize the infrastructure in the coming years.
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- Singapore Freight Forwarding market is rapidly enhancing its technologies, digitizing and automating them, enabling the essential freight forwarders to improve the operations, meeting the customer needs, safety and security of the goods delivered etc.
- The Government, uses ~5% from the in order for the proper building and maintenance of the infrastructure, development with proper 5G connections and digitization technologies, providing a future prospect for betterment.
- With trucks carrying more than 16,000 kg of commodities including agricultural products, livestock, textiles, footwear, electric equipment and food items, acquiring a 8% of the total revenue generated through the Freight industry. With the coming years, more number of Trailers (10 and 20FT), Heavy Trucks (>20T), and Light trucks are incorporated, so as to expand the shipment on a broader area.
2. Sea Ports have been playing a major role in flourishing smooth and secure Sea Freight shipment.
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- With major players like T Freight Forwarders, Cosco Shipping (Singapore) Petroleum Pte Ltd., PSA International, Pacific International Lines majorly operating internationally and domestically, are constantly improving their number of ships. At the present times, there are 1100 vessels, with another 1410 vessels to dock at the port in the coming time.
- On September 2022, the Prime Minister of Singapore, Lee Hsien Loong, has opened the initial phase of the Tuas Port, which was promised in the early 2012. Three more phases remain to fully complete this port, which once completed will be globally the largest fully automated port, with artificial intelligence, machine learning, better sensors, will allow the proper coordination and geotracking of even the vessels.
- One of the major goal for this port is sustainability. The main moto was to make a singular location for the movement of all vessels and containers in order to greatly decreasing Green House Gas (GHG) emissions and reduce ship traffics. This enables more engagement towards shipment and become a centralized location globally.
3. International and Domestic Freights are increasing their shipment capacity, with help from the digitized infrastructure.
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- The International freight is dominating the market in terms of revenue, average volume carried, crossing 300 Mn Tons, annual or quarterly increase in the number of trucks and ships to achieve more shipment to be conducted. With major players like DHL, Kerry Logistics, etc. shipping agricultural goods, chemical and electronic products, they are expected to make their increase with the coming years.
- Currently, with the No-Land border agreement of Singapore with its neighboring countries, Malaysia, Thailand, Vietnam and China, high import and export is regularly maintained, growing the revenue with each new set of items exported to them. Only Malaysia is connected to Singapore by the Johor Singapore Causeway, which links the Johor Baru in Malaysia to the Woodlands in Singapore. This causeways serves as one the daily commutes passageway across border, with 350,000 commuters listed every day and also serves as one of the major water pipeline between the two countries.
- Due to this agreement and with addition to the Free Trade Agreement with other countries, the freight sectors are coming up with advancements and faster coordination due to digitization of technologies. Now they will be able to keep track of the shipment and navigate the data with the shipment.
CONCLUSION
According to this article, Singapore Freight Market is consecutively making successful upgradation to its process, with a rise of 2.5% annually, they are rising steadily to the top. Once Tuas Port becomes fully operational, it will be able to handle 65million TEU (Twenty foot equivalent units), which will be more than the globally No.1 sea port in Shanghai, which can handle 60 million TEUs. With more successful advancements in technologies, government initiatives and digitization of infrastructure, the Singapore Freight market will grow exponentially by 2028.