Panalpina inaugurated a dedicated oil and gas logistics hub in Singapore designed to boost the Swiss supply chain management firm's presence in the fast growing Asian market.

"We have a strong focus on the Southeast Asian markets, and this new hub will support our global upstream network and connect with other major oil and gas centers in Houston, Aberdeen and Dubai," said Karl Weyeneth, chief operating officer of Panalpina World Transport.

The complex, which will exclusively serve shippers from the oil and gas industry, has 7,000 square meters of covered warehouse, 14,000 square meters of open yard space and 1,100 square meters of office accommodation.

The facility boosts Panalpina's warehousing space in Singapore to more than 30,000 square meters.

Panalpina said it is the first such facility by a global freight forwarder to offer sophisticated supply chain management solutions for the oil and gas industry.

Freight volume between Asia and the west is booming and intra-Asian trade is forecast to grow at a compound rate of 6.2 percent, according to Panalpina.

"The new Singapore facility is poised to leverage this growth potential," the company said.

Source: JOC