Singapore slumps

Singapore’s two container terminal operators have both reported near 20% slides in container throughput for January.

PSA Singapore said volumes for the first month of 2009 were 1.92m-teu compared to the 2.4m-teu seen a year ago.

Figures from Singapore's Maritime Port Authority (MPA) show that the number of containerships calling at Singapore declined over 10% last month.

Port traffic has slowed globally as consumer demand eroded and the credit crisis chokes off loans to export-dependent companies.

Last month PSA International warned that 2009 would be a “difficult year”, due to the global economic slowdown.

“Unless global economies are able to recover in the course of 2009...our industry will likely experience an extremely difficult year,” it said.

PSA International participates in 28 port projects in 16 countries across Asia, Europe and the Americas with a global capacity of 111m-teu.

Jurong Port, meanwhile, handled 18.3% fewer containers – 58,000-teu versus the 71,000-teu seen in January 2008.