No, there absolutely is a huge demand for transshipment hubs. By shuttling cargo through Singapore, goods from all across Asia can be consolidated in one point for delivery to various European locations, and vice versa. It's the same model as airport hubs.
However, like many network efforts it's a winner-takes-almost-all market. Tanjung Pelepas is just across the border in Malaysia but it was too little, too late.
Sure, but transhipment hubs don’t have to be islands. In fact they usually aren’t. Hawaii isn’t and it’s the only landmass for thousands of miles. Anchorage isn’t for seaborne traffic. Etc.
A lot of Singapore’s thing is also manufacturing from raw imports and then shipping out processed goods.
> but transhipment hubs don’t have to be islands. In fact they usually aren’t. Hawaii isn’t and it’s the only landmass for thousands of miles.
Hawaii isn't a hub because it's the only land for thousands of miles. You want the hub to be on the way to wherever you're going, not a quarter of the way across the world from there.
And Singapore has leveraged that trade by implementing tax policies that make it in huge demand for financial trans-shipment.
A lot of Australia's resources are bought and sold via Singapore precisely for the tax advantages of funneling things through there without the actual resources going through their ports.
However, like many network efforts it's a winner-takes-almost-all market. Tanjung Pelepas is just across the border in Malaysia but it was too little, too late.