SINGAPORE has suffered an 8.7 per cent year-on-year decline in container volume in 2015 to 30.9 million TEU reflecting the general downturn in the global shipping market.

Meanwhile Shanghai's 2015 volume was up 3.5 per cent to 36.54 million TEU, thus retaining its No 1 spot as world's busiest box port.

The drop in Singapore throughput, according to the Maritime and Port Authority of Singapore (MPA), was "largely caused by the overall slump in Asia-Europe volumes, compounded by developments such as the rebalancing of volumes across alliances agreements, and an increase in direct sailings due to lower bunker prices."

Singapore's success as a world-leading container port is mainly due to transhipment volumes. About 85 per cent of the containers that arrive in Singapore are transshipped to other ports, unlike Shanghai that mainly serves importers and exporters for the growing Chinese economy.

Bunker fuel prices today have fallen 40 per cent compared to the year-ago period, with global benchmark grade Singapore 380 cst indicated at US$155.50 per tonne (pmt), according Ship & Bunker.