Port operator PSA Singapore is working closely with shipping lines to mitigate disruptions, and communicating with vessels on their arrival times and volume information in advance.
A container ship arrives in a port in Singapore June 28, 2017. Picture taken June 28, 2017. SINGAPORE: Shipping delays in Singapore have more than doubled in recent weeks, which observers said could mean higher prices for consumers.
PSA said the volatility is likely here to stay, and that it will continue to ramp up capacity and smart technologies in their terminals.tariffs on US$18 billion worth of imports from China Mr Tan Hua Joo, a container shipping market analyst at data platform Linerlytica, told CNA that port congestion is at an all-time high.“Port users will therefore need to build in delays to their cargo movements and forecasts in the next few months.”
“So we are left with very little space left. We only prioritise those that are very urgent to ship, and it is at a premium price, like three times what we usually pay.” They include firms in the manufacturing industry, especially those involved in producing heavy goods such as consumer electronics or EVs. These manufacturers usually rely on sea freight to send and receive the raw materials needed to produce their products.Businesses selling larger household items like furniture will face delays, while those selling smaller items may have to turn to costlier ways to ensure their products reach customers in a timely manner.
He added that if the US’ tariff hikes on China spark a tit-for-tat escalation, the price increases would be broader and last even longer.Economist Barnabas Gan said the ongoing container crunch, coupled with higher growth momentum, are likely to put upward pressure on inflation in Singapore.
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