SIGNIFICANCE OF THE PORT OF SINGAPORE AGAINST THE COUNTRY’S ECONOMIC GROWTH

Abstract

The economy of Singapore is characterised by a stable political environment, favourable business conditions and very well-developed infrastructure attracting foreign direct investment, being the driving force of the economy. It is highly dependent on export, as well as on the dynamic sectors of transport, business and financial services. Singapore’s natural deep-sea ports and the geographical location at the crossroads of important shipping channels makes its trade a major economic sector, next to production and services. There are currently more than 5,000 maritime companies operating in Singapore, including over 130 international shipping groups, which constitute an important pillar for the international maritime transport hub. This article discusses Singapore’s economic situation by analysing the dynamic GDP growth over the years 1960– 2016 as well as other economic indicators achieved in 2004–2017, including the dynamics of foreign trade. This research covers the port’s ownership and organisational structure, and its terminals have been reviewed in terms of their location, infrastructure and functions by taking into account the new generation terminal of the port of Tuas, currently under development. Over the years, the port has seen a steady increase in revenue from transhipment, which is confirmed by the dynamics of the container volume growth over the years 1972–2017, the transhipment volume over the years 2007–2018 and the number of container ships calling at the port along with their total capacity over the years 2007–2017, as elaborated in the article.

Keywords

• port of singapore
• economy
• terminals
• transhipment