In total, 2,303 vessels arrived at the port last month, which has resulted in highly-publicised delays.
Extent of the delays
FourKites says its customers’ shipments were delayed at Singapore 44% more in May 2024 compared to the year before. Between June 1st and 25th, the decline was 27%.
Causes
Mike DeAngelis, Head of International Solutions for Ocean at Fourkites, believes the lack of available empty shipping containers in key export markets is an ongoing concern, and that Singapore is getting caught up in the resulting congestion from this and the well-known issues in the Red Sea and Panama canal.
“Containers are getting caught up in a global mix of delays ranging from congestion in Singapore (which is up year-over-year, and the port transships a fifth of the world’s containers) to longer voyages due to diversions related to the Red Sea attacks to the reduced Panama Canal transits which are still below historical levels (although improving), to the recent strikes in Germany as well as the threat of strikes in Canada & the U.S. East Coast,” said DeAngelis.
DeAngelis added that there are also signs that peak season has begun earlier than normally would be the case, which in turn could have ramifications for some Asian export markets:
“And on the demand side it appears that the start of the annual peak season has come early, and it is likely that many of these issues will not ease any time soon. All of this suggests that carriers will continue to scramble to reposition empty equipment, which can have a negative knock-on effect on certain export markets, such as the Indian subcontinent,” said DeAngelis.