Author: Rebecca Galanopoulos

Using data from Veson Nautical 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.

Moller Maersk currently leads the Singapore flagged fleet with 119 vessels in their books, with a value of USD 6.35 Bn. In second place, Wan Hai Lines owns 111 Singapore-flagged vessels; this fleet is valued higher at USD 6.35 Bn 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 USD 2.87 Bn. 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 USD 6.47 Bn 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 USD 2.2 Bn. Also noteworthy is NYK’s fleet of 39 vessels, valued at USD 4.5 Bn.

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 USD 22.17 Bn. Eastern Pacific Shipping are in second place with 197 vessels, valued at USD 19.93 Bn, and Pacific International Lines rank third with 102 vessels, valued at USD 5.91 Bn.

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 YO Panamax Containers of 4,250 TEU have increased by c.79.57% year-on-year from USD 20.70 mil to USD 37.17 mil. 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.

Of the top 10 Singaporean based beneficial owners, Eastern Pacific Shipping have the largest fleet of vessels with a total of 205 and also the highest value at USD 21.08 Bn. 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 USD 4.24 Bn; 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 USD 2.94 Bn; 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, 15YO Aframaxes of 110,000 DWT are down by c.21.43% year-on-year from USD 42.84 mil to USD 33.66 mil.

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.

Source: VESON