By Rebecca Galanopoulos, senior content analyst, Veson Nautical
Using data from Veson Nautical’s soultion VesselsValue, we shine a spotlight on the Singaporean fleet including live, launched, and on order vessels and dive into the top 10 owners of Singaporean flagged vessels, the top 10 Singapore-based operators, and the top 10 Singaporean beneficial owners.
Image credit: Veson Nautical
Moller Maersk currently leads the Singapore-flagged fleet with 119 vessels in their books, with a value of US$6.35 billion. In second place, Wan Hai Lines owns 111 Singapore-flagged vessels. This fleet is valued higher at US$6.35 billion despite owning fewer vessels due to a large orderbook and a modern fleet with an average age of seven years.
In third place is Singapore-based Pacific International Lines with a fleet of 73 Singapore-flagged vessels valued at US$2.87 billion.
Evergreen Marine Corp are in fourth place with 58 vessels. However, it should be noted that this fleet ranks the highest overall in terms of its value of US$6.47 billion. This fleet consists solely of larger modern container vessels which are currently valued at high levels and also has a large orderbook.
Grace Ocean Investment are in fifth place with a total of 54 Singapore-flagged vessels in its fleet and a value of US$2.2 billion. Also noteworthy is NYK’s fleet of 39 vessels, valued at US$4.5 billion.
Image credit: Veson Nautical
In a list of the top 10 Singaporean operators, Ocean Network Express ranks in pole position both in terms of fleet size and value with a fleet of 236 vessels and value of US$22.17 billion. Eastern Pacific Shipping are in second place with 197 vessels, valued at US$19.93 billion, and Pacific International Lines rank third with 102 vessels, valued at US$5.91 billion.
It should be noted that the top three owners operate predominantly within the container sector which has seen values rise considerably over the past year. For example, 15-year-old Panamax containers of 4,250 TEU have increased by 79.57 percent year-on-year from US$20.70 million to US$37.17 million. This is largely due to increased ton mile demand for containers as vessels travelled around the Cape of Good Hope to avoid the hostilities in the Red Sea area.
Image credit: Veson Nautical
Of the top 10 Singapore-based beneficial owners, Eastern Pacific Shipping have the largest fleet of vessels with a total of 205 and also the highest value at US$21.08 billion. Much of the value of the fleet can be attributed to the company’s extensive orderbook of 118 vessels, spanning the container, tanker, bulker, LNG, LPG and vehicle carrier sectors.
Pacific International Lines rank second with 87 vessels and a total value of US$4.24 billion. This fleet consists entirely of container vessels within the New Panamax to Feedermax sub sectors.
Hafnia ranks third with 85 vessels and a total value of US$2.94 billion. This fleet consists of Tankers within the Aframax to Handysize sectors. Tanker values have corrected lower for most sectors this year, following a period of 15-year highs, as market uncertainty and high prices have weighted heavily on sale and purchase transactions. For example, 15-year-old Aframaxes of 110,000 DWT are down by 21.43 percent year-on-year from US$42.84 million to US$33.66 million.
The Singaporean maritime industry remains a dominant force in global shipping, with major companies strategically managing diverse fleets across multiple sectors. Singapore-flagged vessel owners, operators, and beneficial owners play a crucial role in shaping industry trends, particularly within the container sector, which has seen significant value growth recently.
Overall, Singapore’s maritime industry demonstrates resilience and strategic foresight, reinforcing its position as a key global shipping hub.
Photo credit: iStock/ IgorSPb
