Singapore Reveals US$8bn Expansion Plans
An US$8.0bn investment in the port of Singapore will enable the facility to remain competitive and hold on to its transhipment role in the medium to long term. The development plan is good news for the port as it faces stiff competition from Shanghai, which overtook it as the world's number-one container port in 2010.
The world's busiest transhipment hub, Singapore has announced that it will invest US$8.0bn to double its container port capacity. The government of Singapore plans for some of the new berths at the site in Tuas to be operational by 2022. Once the work is completed the port will be able to handle 65mn twenty-foot equivalent units (TEUs) each year.
The government's investment comes at a time when its port has been struggling to fight off competition from rapidly growing regional neighbours. China's port of Shanghai overtook Singapore to become the world's busiest container handling facility in 2010.
|Singapore Playing Catch-up Since 2010|
|Ports Of Singapore and Shanghai Container Throughput, 2008-2017 (TEUs)|