27 September 2013/Categories: Industry News
Singapore is planning to invest S$10 billion (£5 billion) on its ports after Shanghai replaced them as the busiest harbour in the world
According to Bloomberg, this funding will almost double the current annual container capacity from 35 million containers to 65 million standard units. This scheme may encourage a yearly growth of five per cent.
Economist for DBS Group Holdings Irvin Seah said:add space "You don’t want your business to spill over to the other ports. You want to strengthen this position as a trading hub in the region."
Plans include moving terminals to a new 1,000 hectare development and the construction of a bigger facility located at Tuas, which could have berths open by 2022. Much of the money is allocated for initial land reclamation.
The new port expansions will also be able to accommodate the biggest class of ships - Triple-E - which can carry 18,000 20-foot equivalent units between Asia and Europe.
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