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The region’s tugboat services are expanding rapidly, driven by record container volumes at hub ports like Singapore and a surge in deepwater energy investments, creating unprecedented demand for both terminal and high-horsepower support vessels.
Chicago, Aug. 18, 2025 (GLOBE NEWSWIRE) — The South-East Asia tugboat charter services market was valued at US$ 1,046.50 million in 2024 and is expected to reach US$ 2,137.27 million by 2033, growing at a CAGR of 8.40% during the forecast period 2025–2033.
The foundation of harbor tug demand is vessel movement, and regional ports are shattering previous records. These colossal throughput figures directly translate into a higher frequency of berthing and unberthing operations, fueling a core segment of the South-East Asia tugboat charter services market. In Singapore, the region’s primary hub, performance indicators for 2024 are exceptionally strong. The Port of Singapore handled a record 41.12 million TEUs in 2024. Reinforcing this trend, Singapore’s container volume for just the first five months of 2024 reached an impressive 16.90 million TEUs. Overall cargo handled at the port in 2024 also increased, reaching 622.67 million tons.
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This growth is not isolated. In neighboring Malaysia, Port Klang achieved a record throughput of its own, handling 14.64 million TEUs in 2024. The port authority has already set a higher target, aiming to handle 15 million TEUs in 2025. On a national level, total container handling for all of Malaysia in 2024 was a substantial 30.68 million TEUs. Looking ahead, infrastructure investments guarantee future demand. The new Tuas Port in Singapore will possess an ultimate handling capacity of 65 million TEUs upon full completion. Phase 1 of Tuas Port is designed to feature 21 deep-water berths with a capacity of 20 million TEUs annually by its full operational date in 2027. As a clear sign of progress, Tuas Port will already have 11 operational berths as of February 2025.
Key Findings in South-East Asia Tugboat Charter Services Market
Market Forecast (2033)
US$ 2,137.27 million
CAGR
8.40%
By Vessel Type
Terminal Tugs (21.08%)
By Power
5000-8000 HP​ (22.45%)
By Application
Harbor & Deep Sea Carrier​ (26.07%)Â
By Ownership
Third Party Operator (54.76%)
By End User
Shipping & Logistics (26.86%)
Top Drivers
Massive investment in regional port and energy infrastructure projects.
“China+1” strategy boosting regional manufacturing and export volumes.
Increasing vessel sizes mandating more powerful and advanced tugboats.
Top Trends
Fleet modernization with a focus on fuel-efficient, lower-emission tugs.
Growing consolidation and strategic partnerships among third-party operators.
Adoption of digitalization for optimizing fleet management and operations.
Top Challenges
Shortage of skilled and experienced crew for advanced tugboats.
Navigating diverse and complex maritime regulations across different nations.
Managing the high capital expenditure for newbuilds and technology.
Offshore Energy Renaissance Ignites a Surge in Specialized Tugboat Chartering Needs
A dramatic revival in offshore oil and gas projects is injecting massive capital and activity into the region. This resurgence is a primary catalyst for the South-East Asia tugboat charter services market, specifically for high-specification Anchor Handling Tug Supply (AHTS) vessels. Planned final investment decisions (FIDs) on new offshore gas projects in Southeast Asia could channel an astounding $100 billion of investments by 2028. More immediately, capital commitments for new project investments are estimated at approximately $30 billion for the 2024-2025 period alone.
Malaysia’s national oil company, Petronas, is at the forefront of this activity. The company has ambitious plans to drill a total of 99 wells in 2024. To support this, Petronas aims to significantly increase its rig utilization from 24 rigs in 2023 to 28 in 2024. The company expects more than 45 upstream projects to be executed over the next three years. These projects are substantial in scale, including the fabrication of four new Central Processing Platforms (CPPs). Furthermore, an average of 300 Facilities Improvement Plans (FIPs) are planned annually by Petronas for the next three years, ensuring a steady stream of maintenance and support work requiring tug services.
New LNG Terminal Projects Create Lucrative Long-Term Contracts for Tug Operators
The strategic shift towards cleaner energy is fostering significant investment in Liquefied Natural Gas (LNG) infrastructure in the tugboat charter services market. This trend is carving out a valuable, specialized niche for high-powered tugs capable of safely assisting massive LNG carriers. In the Philippines, a new 1,320 MW combined cycle power facility, a core component of a major LNG venture, is expected to commence operations by the end of 2024. Underscoring the scale of investment, three Philippine energy companies are jointly investing in a new integrated LNG facility in Batangas, a landmark deal valued at $3.3 billion.
These developments are creating a new energy import market for the tugboat charter services market. The Philippines is projected to import 1.17 million tons of LNG in 2024. The country’s infrastructure pipeline remains robust, with four upcoming LNG terminals scheduled to come online through the 2025-2026 period. In Vietnam, a giant gas project led by state-owned PetroVietnam reached a crucial Final Investment Decision (FID) in March 2024. This decision signals the start of a major construction phase that will require extensive marine support, presenting significant opportunities for tug operators equipped for long-term project chartering. The successful execution of these projects depends on reliable marine logistics.
Leading Regional Operators Are Expanding Fleets and Securing High-Value Charter Contracts
The buoyant market conditions in the South-East Asia tugboat charter services market are reflected in the strategic activities of key tugboat operators. Companies are actively securing contracts and investing in fleet modernization to meet evolving client demands. Malaysian operator EA Technique provides a prime example, having secured a contract extension for tugboat services with Petronas. The contract is worth RM41 million (US$ 9.16 million) and commences in November 2024 for a firm two-year term. This win contributes to EA Technique’s total firm order book, which stands at a healthy RM169.5 million (US$ 37.9 million) as of November 2024.
In Singapore tugboat charter services market, market leader PSA Marine is pursuing a deliberate fleet renewal strategy, planning to replace four tugs per year between 2023 and 2025. In August 2024, the company took delivery of the PSA Gemini, the first vessel of a new Z-Tech 6000 design tug. The popularity of this modern design is evident, with a total of 16 vessels of the new tug class on order for various operators in Singapore, Panama, Thailand, and Peru. The PSA Gemini itself boasts a powerful bollard pull of 64.6 tons, suitable for handling large modern vessels. PSA Marine is also embracing technology, with more tugs scheduled to be connected to its advanced fleet monitoring system by early 2024.
Extensive Upstream Project Pipelines Guarantee Robust Long-Term Demand for Support Vessels
Beyond initial exploration, the pipeline for upstream development and maintenance work is extensive, promising a long-term demand cycle for transport and installation support. Petronas projects the installation of approximately 1,130 km of new pipelines within the next three years, an enormous undertaking requiring constant support from tug and barge combinations. The company also anticipates a significant increase in offshore installation works. The number of heavy lifts for platform modules is set to rise from just 5 lifts in 2023 to a total of 14 lifts in 2024, a development that greatly benefits transport and installation barge owners and their requisite tugs.
Indonesia’s project pipeline in the South-East tugboat charter services market is equally promising. The Forel and West Belut projects are targeted to come onstream in the fourth quarter of 2024, bringing a combined production capacity of 10,000 barrels of oil per day (BOPD) and 50 million standard cubic feet per day (MMSCFD). Following this, Indonesia’s Mako gas project is targeted to be onstream in the fourth quarter of 2025 with a substantial production capacity of 120 MMSCFD. Recent project inaugurations in Indonesia’s Mahakam Block are already expected to add a production capacity of 36 MMSCFD of gas and 16,000 BOPD of oil and condensate, reflecting ongoing field development activities that require continuous marine support.
Soaring Offshore Rig Utilization Rates Directly Translate to Higher Tugboat Demand
The number of active drilling rigs is a direct and powerful indicator of demand within the South-East Asia tugboat charter services market. Each rig move requires the service of multiple high-specification AHTS vessels, creating a lucrative sub-sector. Petronas’s demand for jack-up rigs is expected to climb to 14 in 2024 and rise again to 15 in 2025. Overall demand for jackup rigs across all of Southeast Asia is forecast to average 38.4 units throughout 2024. Projections show this number is expected to rise to 39.2 units in 2025, indicating sustained and growing drilling activity. Independent analysis confirms this positive outlook. Westwood Global Energy Group analysis predicts a demand growth of up to 36 rigs year-on-year in 2024 for a region that includes Southeast Asia, highlighting the intense competition for available drilling units and the associated support vessels.
National Energy Strategies and Ambitious Targets Solidify Future Market Growth Prospects
Government-led initiatives and national energy targets provide a stable, long-term framework for growth in the South-East Asia tugboat charter services market. Indonesia’s upstream oil and gas regulator, SKK Migas, is overseeing an ambitious national program. The regulator is targeting an incredible 133 projects to come onstream by the year 2029. The execution of this program is already well underway. By July 2024, 8 out of the 15 upstream oil and gas projects targeted for the year had already been successfully brought onstream in Indonesia. Looking at the medium term, SKK Migas is targeting a total of 33 oil and gas projects to go onstream between 2024 and 2027. These government-backed targets provide immense clarity and confidence for investors and operators in the regional energy sector.
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A Synthesis of Powerful Growth Drivers Forging a Promising Future Outlook
The outlook is exceptionally bright. The confluence of booming port logistics, a revitalized oil and gas sector, and new LNG infrastructure creates a multi-layered demand structure. The sheer volume of verifiable, large-scale projects provides a clear and quantifiable path for growth. Operators who invest in modern, capable, and efficient fleets will be perfectly positioned to capitalize on these opportunities. From harbor towage at mega-ports to complex rig moves in deep water, the spectrum of services required is vast and expanding. The data confirms that the South-East Asia tugboat charter services market is not just growing; it is entering into a dynamic phase of sustained, long-term expansion fueled by the fundamental economic engines of the region.
South-East Asia Tugboat Charter Services Market Major Players:
MCL Logistics (M) Sdn Bhd
Lunar Shipping Malaysia Sdn Bhd
DSB Offshore
KNK Group
Seaspan ULC
Swire Pacific Limited
GAC
Haivan Ship
Thoresen-Vinama
PT. Usaha Bersama Maritim
PT Muara Laju Lancar
Other Prominent Players
Key Market Segmentation:
By Vessel Type
By Power
< 1000 HP
1000-2000 HP
2000-3000 HP
3000-5000 HP
5000-8000 HP
8000-12000 HP
12000 HP
By Application
By Ownership
Third-Party Operators
In-House Operators
By End User
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