Cargoes in Singapore decrease by 13 percent

Singapore, the world's busiest port, dropped by 13 percent in handling and transit cargoes in the first quarter of this year over the same period of last year, according to a report from the Business Times on May 12.

The magazine cited statistics from the Singapore Maritime and Port Authority, which showed that Singapore handled 3.68 million TEU, a step down from the 4.23 million TEU in the first three months of last year.

PSA Corporation, a company operating out of the Port of Singapore, revealed that this drop in container cargo handling reflected overall global economy slowness. PSA said in a statement, "Cargo handling in PSA is directly connected with the world economy and trade flows."

Last year, PSA saw remarkable increases thanks to sharp Asian economy recoveries and sea freight increases after solving the Year 2000 K (Y2K Bug).
PSA possess and operates ports in the Middle East, Asia and Europe, as well as the Port of Singapore.