PSA Singapore

Singapore has lost its position as world's busiest port to Shanghai

Shanghai has taken over the title of world's busiest port from Singapore after handling record volumes of cargo in 2010, reports Lloyds List.

New figures show that Shanghai handled just over 29m teu last year, some 500,000 teu more than Singapore's 28.4m, the report said.

In terms of cargo, Shanghai handled 650m tonnes – up 20 per cent on 2009 volumes.

Meanwhile, Singapore-based port operator group PSA International said its 2010 volumes were "higher than anticipated" due to stronger economic recovery in the first seven months of the year, and that it had recovered some lost ground during the economic downturn of 2008 and 2009.

But PSA group chief executive Eddie Teh said a lower growth rate in the last five months up to December 2010 indicates that weaknesses in the major global economies still persist and growth in 2011 is expected to be uneven and cannot be taken for granted.

 Singapore-headquartered PSA port operator group is present in 28 port projects in 16 countries, according to Lloyds List.

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