Singapore Shipping Agency Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Singapore Shipping Agency Services Market is segmented by Type (Port Agency, Cargo Agency, Charter Agency, and Others), by Application (Ship Owner, and Lessee), and by Service (Packaging Services, Shipping Services, Customs Clearance Services, Logistical Support Services, and Other Services). The report offers market sizes and forecasts in value (USD billion) for all the above segments.

Singapore Shipping Agency Services Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Singapore Shipping Agency Services Market Size

Singapore Shipping Agency Services Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 6.00 %
Market Concentration Low

Major Players

Singapore Shipping Agency Services Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Singapore Shipping Agency Services Market with other markets in Logistics Industry

Freight Transport

Freight Transportation Arrangement

Courier Express Parcel

Integrated Logistics

Cold Chain Logistics

Customers of Logistics Services

Singapore Shipping Agency Services Market Analysis

The size of Singapore Shipping Agency Services market is USD 7 billion in the current year and is anticipated to register a CAGR of over 6% during the forecast period.. By 2040, Singapore plans to have the largest automated port in the world, with a USD 20 billion (USD 14 billion) initiative that will double the current port's size and include drones and driverless cars. The city-state began operating at two new berths last year, and the next step of construction is still underway.

  • The SMEs in the local shipping sector are adopting robotic processes in day-to-day operations. Going forward, drones could be used to transport small packages such as medicine or documents to and from ships docked in Singapore's ports.
  • On January 2021, Singapore's parliament introduced an amendment to the current Electronic Transactions Act, which could allow cross-border trade documents to be digitized. This is an important development for Singapore which is a shipping and finance hub.
  • A shipping agency will usually take care of all the routine tasks of a shipping company quickly and efficiently. They ensure that essential supplies, crew transfers, customs documentation, and waste declarations are all arranged with the port authorities without delay. Due to increased activity in the Singapore port, the demand for shipping agency services also increased during the forecast period.
  • Singapore has crossed the 100,000 mark for crew change carried out at the port during the ongoing COVID-19 pandemic, according to the Maritime and Port Authority of Singapore. Since 27 March 2020, MPA has facilitated 100,000 sign-on and sign-off crew of all nationalities from ships of different flags involving more than 5,000 companies and 6,700 ships.
  • Singapore has retained its position as the world's second-busiest container port and the number one bunkering port in 2020, as well as facilitated crew change for more than 80,000 seafarers amid the COVID-19 pandemic.

Singapore Shipping Agency Services Industry Overview

The report covers major players operating in the Singapore shipping agency services market. The market is highly fragmented and competitive, with large companies claiming significant market share.

Leading players in the market include Sinoda Shipping Agency Pte Ltd, Nortrans, Singapore Shipping Corporation Limited, Capital Shipping Agency (S) Pte Ltd, Trinity Shipping Agency (S) Pte Ltd, AlfaShip Agencies (Singapore) Pte Ltd, Singapore Maritime Services, ASP Crew Management, Golden Harvest Shipping Agency, Straits Link Ship Agencies & Management Pte Ltd, etc.,

As the shipping agency service market is growing steadily and there exists abundant opportunity, the players need to embrace technologies, become more digitized, and increase the scale and efficiency of their operations. Having a strong network spanning the globe is important for companies.

To even better service their customers, many players are expanding beyond traditional ship agency services and offer freight forwarding and documentation reporting, cargo supervision, KPI tracking, logistical support services, and transportation consulting.

Singapore Shipping Agency Services Market Leaders

  1. Sinoda Shipping Agency Pte Ltd

  2. Nortrans

  3. Capital Shipping Agency (S) Pte Ltd

  4. Singapore Shipping Corporation Limited

  5. Trinity Shipping Agency (S) Pte Ltd

  6. *Disclaimer: Major Players sorted in no particular order
Singapore Shipping Agency Services Market  Concentration
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Singapore Shipping Agency Services Market News

  • November 2022: The Singapore Standards Council (SSC), in collaboration with the industry and MPA, has published the SS 600:2022 edition on the Code of practice for bunkering by bunker tankers using tank gauging. Shipowners/ bunker buyers, charterers, operators, surveyors, and shipping agents are urged to adhere to the requirements and procedures of the latest standards, especially in the event of MFM metering system failure onboard the bunker tanker when their vessels call at Singapore for bunkering.
  • April 2022: Singapore, one of the world's busiest transshipment hubs, will join the Clydebank Declaration, a shipping green corridor initiative initially unveiled at COP 26 in Glasgow. The signatories of the Clydebank Declaration have committed to working together to promote the development of green shipping corridors, which are zero-emission marine routes connecting two or more port pairs.

Singapore Shipping Agency Services Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Market Definition
  • 1.3 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET INSIGHTS

  • 4.1 Market Overview
  • 4.2 Current Market Scenario
  • 4.3 Technological Trends
  • 4.4 Industry Value Chain Analysis
  • 4.5 Government Regulations And Initiatives
  • 4.6 Insights on Costing
  • 4.7 Impact Of Covid-19 on the Market

5. MARKET DYNAMICS

  • 5.1 Market Drivers
  • 5.2 Market Restraints
  • 5.3 Market Oppurtunities
  • 5.4 Industry Attractiveness - Porter's Five Forces Analysis
    • 5.4.1 Bargaining Power of Suppliers
    • 5.4.2 Bargaining Power of Consumers
    • 5.4.3 Threat of New Entrants
    • 5.4.4 Threat of Substitutes Products and Services
    • 5.4.5 Intensity of Competitive Rivalry

6. MARKET SEGMENTATION

  • 6.1 By Type
    • 6.1.1 Port Agency
    • 6.1.2 Cargo Agency
    • 6.1.3 Charter Agency
    • 6.1.4 Others
  • 6.2 By Application
    • 6.2.1 Ship Owner
    • 6.2.2 Lessee
  • 6.3 By Service
    • 6.3.1 Packaging Services
    • 6.3.2 Shipping Services
    • 6.3.3 Custom Clearance Services
    • 6.3.4 Logistical Support Services
    • 6.3.5 Other Services

7. COMPETITIVE LANDSCAPE

  • 7.1 Market Concentration
  • 7.2 Company profiles
    • 7.2.1 Sinoda Shipping Agency Pte Ltd
    • 7.2.2 Nortrans
    • 7.2.3 Singapore Shipping Corporation Limited
    • 7.2.4 Capital Shipping Agency (S) Pte Ltd
    • 7.2.5 Trinity Shipping Agency (S) Pte Ltd
    • 7.2.6 AlfaShip Agencies (Singapore) Pte Ltd
    • 7.2.7 Singapore Maritime Services
    • 7.2.8 ASP Crew Management
    • 7.2.9 Golden Harvest Shipping Agency
    • 7.2.10 Straits Link Ship Agencies & Management Pte Ltd*
  • *List Not Exhaustive

8. FUTURE OF THE MARKET

9. APPENDIX

**Subject to Availability
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Singapore Shipping Agency Services Industry Segmentation

Shipping agents provide various shipping-related services, such as packing and shipping products, tracking numbers, custom clearance, handling returns, and many more to help shippers with their logistics. Shipping agents offer a wide range of services, some common services include arranging for shipping and receiving services, picking and packing items for shipping, preparing shipping documents, tracking packages, etc.,

Singapore Shipping Agency Services Market is segmented by Type (Port Agency, Cargo Agency, Charter Agency, and Others), by Application (Ship Owner, and Lessee), and by Service (Packaging Services, Shipping Services, Customs Clearance Services, Logistical Support Services, and Other Services). The report offers the market sizes and forecasts for the Singapore Shipping Agency Services Market in value (USD Billion) for all the above segments and the impact of COVID-19 on the market.

By Type Port Agency
Cargo Agency
Charter Agency
Others
By Application Ship Owner
Lessee
By Service Packaging Services
Shipping Services
Custom Clearance Services
Logistical Support Services
Other Services
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Singapore Shipping Agency Services Market Research FAQs

What is the current Singapore Shipping Agency Services Market size?

The Singapore Shipping Agency Services Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Who are the key players in Singapore Shipping Agency Services Market?

Sinoda Shipping Agency Pte Ltd, Nortrans, Capital Shipping Agency (S) Pte Ltd, Singapore Shipping Corporation Limited and Trinity Shipping Agency (S) Pte Ltd are the major companies operating in the Singapore Shipping Agency Services Market.

What years does this Singapore Shipping Agency Services Market cover?

The report covers the Singapore Shipping Agency Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Singapore Shipping Agency Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Singapore Shipping Agency Services Industry Report

Statistics for the 2024 Singapore Shipping Agency Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Singapore Shipping Agency Services analysis includes a market forecast outlook to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.