Cargo handling through Singapore climbed 3% in January, the 18th straight month of growth and a pickup from four months of slowing expansion. The main drag has been from oil, where volumes fell 7% for a second month. That also underscores the challenges the tanker sector is facing more broadly in terms of weak demand for shipping. Container shipping meanwhile continued rapid growth with a 14% rise on a year earlier to reach a new record of 2.99 million TEUs. Figures for February may be flattered by the later lunar new year across Asia in 2018 vs. 2017.
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