As reported by the Maritime and Port Authority of Singapore (MPA), Singapore has ascended to become the fourth-largest ship registry worldwide, overtaking Hong Kong amid rising geopolitical tensions between the US and China.
By the end of September, Singapore’s ship registry boasted 4,230 vessels with a total gross tonnage of 127.8 million. In contrast, Hong Kong’s shipping registry recorded only 2,162 ships amounting to 120.6 million gross tonnes during the same timeframe.
The growth trajectory for Singapore is impressive; its gross tonnage surged from 108.7 million to an estimated 134.9 million within just ten months of this year-a remarkable increase of over 24%. October alone saw an influx of 114 new ships contributing an additional 7.1 million gross tonnes.
On the other hand, Hong Kong’s figures have been on a downward trend since January when it reported a total of 132.2 million gross tonnes; by September that number had dwindled significantly.
This shift towards reflagging vessels in Singapore reflects how shipowners are navigating through complex geopolitical landscapes and regulatory challenges. For instance, Pacific Basin Shipping has reportedly shifted about half its dry bulk fleet to Singapore while also relocating its headquarters there-an effort aimed at facilitating operations that involve US ports without incurring additional fees associated with China-linked vessels.
Similarly, Seaspan-a prominent player in container shipping-has made headlines by moving its headquarters from Hong Kong to Singapore as well. Recent filings reveal that during July and August alone, around 82 companies were established in Singapore specifically for reflagging purposes related to Seaspan’s fleet of approximately one hundred vessels due to evolving US port fee regulations.
Despite a recent agreement between the United States and China on October 30th to suspend mutual port fees for one year, many ships had already transitioned their flags prior to this announcement.
Globally speaking, Liberia continues to hold the title as the largest ship registry followed closely by Panama and Marshall Islands according to Clarksons data analysis. With its rapid growth rate allowing it now surpassing Hong Kong-which has fallen into fifth place-Singapore is solidifying its position as a key player in maritime logistics on an international scale.
