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Could still be surplus capacity from the post-GFC slump. From 2009:

http://www.nytimes.com/2009/05/13/business/global/13ship.htm...

> Vessels have flocked to Singapore because it has few storms, excellent ship repair teams, cheap fuel from its own refinery and, most important, proximity to Asian ports that might eventually have cargo to ship.

Singapore is the worlds largest tranship port - and it's just run out of capacity. Lots of big port expansion (and relocation) project underway though.

They don't have enough berths. However they have really fast turnaround, 1-2 days for jobs that for most others take 2-4 days. Edit: this is partly because they have so little space and have to share so much with petrochemical and other bulk commodity ships, while simultaneously being probably the primary shipping hub for Asia.