The estimated profit of shipping fuel selling industries of Singapore is expected to rise by 24% in 2011. It is a great sign for shipping industry which is one of the backbones of Singapore economy. The fuel traders are expected to recover from the worst stumble of shipping fuel market after two years.
Robust economies of China, South Korea and other Asian countries are empowering traffic of shipping containers in Singapore creating a great fuel demand to drive ships. China and South Korea are creating outrageous demand to satisfy their surging domestic energy need. Recently South Korean power demand at peak hours rose to an all time high due to coldest ever winter.
Singapore ranked as the busiest container port in the world after Hong Kong lost its title of cheaper harbors in southern China. Singapore is satisfying 19 percent of global fuel-oil demand. Singapore is providing a superior handling and communication facilities compared to China. It will be a parallel grow tie with China as expansion of China’s container ship trade will continue to benefit Singapore’s bunker fuel trade. It is an obvious lead of Singapore as it is accounting for 14 million tons compared to China’s 18 million tons of bunkers sales.
China’s growth and lead as the world’s biggest energy consumer will continue to enhance Singapore’s container fuel market in the future. Singapore’s bunker sale saw an all time high demand in 2010 will advance further stated by an energy adviser and shipping broker based in New York.
Singapore is one of the aspiring immigration nations for skilled workers of shipping industries. India holds a handsome number of immigrated employees in Singapore shipping industry. If you are aspiring to immigrate to Singapore then this is the right time to pack your decision.
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