Sea freight tops services price rises as costs climb

By segment, liquid bulk and gas freight surged 51.6% YoY.

Singapore's sea freight transport prices jumped 32.6% year on year (YoY) in the second quarter of 2026, the steepest amongst the eight services price indices.

According to the Department of Statistics (DOS), the Sea Freight Transport Price Index (SFTPI) rose 25.4% from the previous quarter, up from a 1.9% gain in the first quarter.

DOS said the increase likely reflected shipping disruptions, higher bunker costs and war-risk insurance premiums arising from the conflict in the Middle East.

By segment, liquid bulk and gas freight surged 51.6% YoY, whilst dry bulk rose 38.4% and containerised freight gained 11.7%.

Air freight forwarding jumped 18.2% YoY whilst sea freight forwarding rose 14.4% YoY. DOS attributed the gains to higher freight rates amidst elevated fuel and operating costs from the Middle East conflict.

Postal and courier prices rose 11.6% YoY, accelerating from 3% in the first quarter, with the international sub-index up 13% on higher fuel surcharges.

Moreover, cargo handling prices increased 3.5% YoY, up from 1.4% in the previous quarter, and 2.7% quarter on quarter.

Accounting services prices rose 1.6% YoY, easing from 2.3%, but fell 1.8% QoQ after a 3.1% increase in the first quarter. The decline was driven by a 2.1% drop in the accounting and auditing sub-index following the seasonal peak in demand for year-end reporting.

Meanwhile, computer consultancy and information services prices were nearly flat, up 0.1% YoY and 0.3% on the quarter.

Telecommunications was the only sector to decline year on year, falling 0.7%, with a 1% drop from the previous quarter.

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