S-E Asia cruise industry raked in $12.7b in 2024, Singapore drove nearly half of passenger traffic

SINGAPORE – Cruise passengers in South-east Asia generated 2.4 times as much economic value as the global average in 2024, with Singapore capturing 48 per cent of the 3.9 million passenger visits to the region.

With economic impact of US$2,564 (S$3,260) per passenger visit, the region’s cruise industry yielded US$10 billion ($12.7 billion) in 2024.

This means the region received 5 per cent of the global cruise industry’s economic output, though it had 2 per cent of the global market of 186 million cruise passengers that year.

These findings were published on April 15 in the inaugural Economic Impact Assessment of Cruise Tourism for Southeast Asian countries report, which was produced by travel industry consulting firm Tourism Economics.

The study, commissioned by the Singapore Tourism Board (STB) and Cruise Lines International Association, found that the Republic’s share of the industry’s economic output was the largest in the region at US$3.6 billion, followed by the Philippines with US$3.2 billion and Indonesia with US$1.5 billion.

The findings underscored the substantial economic returns of the cruise industry, as well as South-east Asia’s strategic importance in the global cruise landscape, said STB, which facilitated data collection across the region for the study.

It also reinforced the region’s strong value proposition for cruise tourism, driven by a growing middle class and rich destination variety, said STB assistant chief executive (experience development group) Jean Ng.

“As ASEAN’s lead coordinator for cruise developments, Singapore is committed to working with regional neighbours and global industry partners to unlock South-east Asia’s full potential for cruising,” she said.

This includes building a compelling destination network that can attract cruise lines here, while delivering sustainable economic benefits across the region, she added.

The report said Singapore is South-east Asia’s leading cruise hub, with about half of all cruise passenger visits to the region in 2024.

The Republic is also far and away the largest source market in the region for cruise passengers. Well over 500,000 Singaporeans went on cruises in 2024, or double the number compared with 2016.

This means eight in 10 South-east Asians who cruised in 2024 were Singaporeans.

With Singapore and Malaysia together accounting for 70 per cent of the region’s 3.9 million passenger visits, STB said market concentration indicates there remains significant potential for other countries in the region to develop their capabilities and capture a larger share of the growing market.

Tapping this potential, however, will require greater coordination and collaboration between the region’s ports to develop and deliver uniquely South-east Asian visitor experiences, said Mr Benjamin Cassim, a senior lecturer at Temasek Polytechnic’s School of Business.

“This requires tourism stakeholders across port-of-call destinations to work together to produce experiences that resonate and align with what cruise operators want for their passengers,” said Mr Cassim.

New offerings should be introduced periodically, which will require infrastructure investments, such as expanding the number of ports that large ships can call at.

Ports’ capacities also need to be deepened to account for the region’s peak cruising season from November to April, when there are heavy operating pressures on cruise terminals, he added.

Responding to The Straits Times’ queries, an STB spokesman said that such efforts are already under way.

The spokesman said Singapore is leading a number of initiatives to accelerate cruise tourism in the region, such as by facilitating investments, cruise line engagement, support for port readiness and joint marketing efforts.

These include familiarisation trips to existing and potential new ports, where cruise line representatives share their technical requirements and feedback on port infrastructure and in-destination tourism experiences.

The statutory board will also use the report’s findings to make the case for closer collaboration with regional countries, he added.

These include teaming up on diversified itineraries, ranging from three- to five-night getaways to extended 10- to 14-night voyages. 

The statutory board is also seeking to expand cruising beyond the traditional peak season to having cruises throughout the year, and to capture new market segments.

In 2025, Singapore diversified its cruise options with new ships being homeported here. They include StarDream Cruises’ Star Voyager, Royal Caribbean International’s Ovation of the Seas, and The Ritz-Carlton Yacht Collection’s Luminara.

The most high-profile of the lot was Asia’s first Disney cruise ship, the Disney Adventure, which set sail on its maiden voyage on March 10 to much fanfare.

The ship, which has a passenger capacity of 6,700 and is the newest and largest in Disney Cruise Line’s fleet, will use Singapore as its base for at least five years.

Singapore is also home to a local cruise operator – the rebranded StarDream Cruises, with its fleet of three vessels, which primarily operates regional getaways for multi-generational families.

Mr Cassim said there is a clear opportunity to encourage cruise visitors here to extend their stay by one or two nights, whether before or after they set sail.

This is as Singapore’s strengths include a diverse range of attractions, vibrant and high-quality food offerings, and authentic local experiences, as well as continual renewal of tourism offerings, he noted.

The report found that nearly half of those who visited South-east Asia on a cruise said they were likely or very likely to return for a non-cruise trip, which indicated further tourism benefits beyond the initial visit.

A visitor who has taken a cruise in Asia is also three times as likely to express an interest in taking another cruise in the region, it noted.

Singapore’s cruise sector saw a bump in both ship calls and passenger throughput in 2025. STB data showed that, year on year, the number of ship calls increased by 10 per cent to 375, while passenger numbers rose more than 9 per cent to exceed two million.

In October 2025, the $40 million Marina Bay Cruise Centre Singapore expansion was completed, which increased its passenger capacity from 6,800 to 11,700.