The Singapore flag has benefited from large-scale vessel transfers by owners such as Seaspan and Pacific Basin, as shipowners move away from Hong Kong amid rising geopolitical uncertainty.
A surge in tonnage flowing into the Singapore Registry of Ships (SRS) has propelled Singapore to become the world’s fourth-largest ship registry, driven largely by owners seeking a more stable jurisdiction.
October marked another strong month for the SRS, with 114 vessels adding 7.12 million gross tonnes to the registry. Total Singapore-flagged tonnage rose to 134.89 million gt, according to preliminary figures from the Maritime and Port Authority of Singapore (MPA).
In contrast, the Hong Kong Ship Registry has continued to contract. Data from the Hong Kong Marine Department shows registered tonnage fell by 6.39 million gt in September to 120.58 million gt across 2,162 vessels.
This divergence has allowed the Singapore flag to overtake Hong Kong, climbing to fourth place globally by registered tonnage.
Growth in the Singapore registry accelerated in recent months as owners reflagged vessels ahead of the proposed US Trade Representative (USTR) Section 301 port fees targeting Chinese-owned and operated ships, including those sailing under the Hong Kong flag, calling at US ports.
Although the US fees — along with China’s reciprocal port charges on US-linked vessels — were suspended for 12 months from 10 November, a significant number of ships had already been transferred to the Singapore flag.
Ahead of the USTR measures, the world’s largest container ship tonnage provider began shifting a reported fleet of around 100 vessels from the Hong Kong registry to Singapore, alongside plans to relocate its headquarters to the city-state.
In mid-October, Hong Kong-based Pacific Basin announced plans to reflag around half of its dry bulk fleet to Singapore and move its headquarters to the Lion City to avoid Section 301 charges. Earlier this month, the company told Seatrade Maritime News that these plans remained unchanged despite the temporary suspension of the fees.
