Market Size of Singapore Shipping Agency Services Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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 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 |
Singapore Shipping Agency Services Market Size Summary
The Singapore Shipping Agency Services market is a vital component of the country's robust maritime industry, which significantly contributes to its economy. As a global hub port, Singapore's strategic location on the Strait of Malacca facilitates its role as a key player in international trade, linking over 600 ports across more than 120 countries. The market is characterized by a high level of activity, driven by the port's status as the world's second-busiest container port and the leading bunkering port. The shipping agency services sector is essential for managing the complexities of maritime logistics, including customs clearance, cargo handling, and vessel management, thereby supporting Singapore's position as a premier transshipment hub. The ongoing development of automated port facilities and the adoption of advanced technologies like drones and robotic processes are set to further enhance the efficiency and capacity of shipping agency services in the region.
The market landscape is highly competitive and fragmented, with numerous players such as Sinoda Shipping Agency Pte Ltd, Nortrans, and Singapore Shipping Corporation Limited vying for market share. These companies are increasingly embracing digital transformation and expanding their service offerings beyond traditional ship agency functions to include freight forwarding, logistical support, and transportation consulting. The Singapore Shipping Agency Services market is poised for steady growth, supported by the country's ambitious plans to expand its port infrastructure and the continuous evolution of maritime regulations and standards. Initiatives like the Clydebank Declaration highlight Singapore's commitment to sustainable shipping practices, aligning with global efforts to develop green shipping corridors. As the market evolves, players are encouraged to leverage technological advancements and strengthen their global networks to maintain a competitive edge.
Singapore Shipping Agency Services Market Size - Table of Contents
-
1. MARKET INSIGHTS
-
1.1 Market Overview
-
1.2 Current Market Scenario
-
1.3 Technological Trends
-
1.4 Industry Value Chain Analysis
-
1.5 Government Regulations And Initiatives
-
1.6 Insights on Costing
-
1.7 Impact Of Covid-19 on the Market
-
-
2. MARKET SEGMENTATION
-
2.1 By Type
-
2.1.1 Port Agency
-
2.1.2 Cargo Agency
-
2.1.3 Charter Agency
-
2.1.4 Others
-
-
2.2 By Application
-
2.2.1 Ship Owner
-
2.2.2 Lessee
-
-
2.3 By Service
-
2.3.1 Packaging Services
-
2.3.2 Shipping Services
-
2.3.3 Custom Clearance Services
-
2.3.4 Logistical Support Services
-
2.3.5 Other Services
-
-
Singapore Shipping Agency Services Market Size 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.
