Government, Industry Look to Singapore and Asean Shiping

MarineLink.com
Monday, September 30, 2013
Patrick Phoon, SSA President

The strength and robustness of shipping both in Singapore and the South East Asian region was put into sharp focus at the Singapore Shipping Association’s 28th Anniversary Gala Dinner, held in the splendour of the West & Central Compass Ballroom at the Resorts World Convention Center in Sentosa.


Addressing 1,800 attendees, Josephine Teo, Senior Minister of State for Finance and Transport, said that while the past year had been a challenging one for the shipping industry, the long-term fundamentals for the maritime sector in the region remained strong.


Noting SSA’s contributions as a voice of the industry, Mrs. Teo praised the strong tripartite partnership that existed between the Singapore Government, the shipping industry and the unions. She highlighted the need to maintain the good relationship in order to continue to grow Singapore as a global hub port and leading International Maritime Center.


Embracing the strong Asian theme, SSA President Patrick Phoon called on the shipping industry to harness the opportunities that Asia was presenting: “The dynamism, robustness and growing affluence of the Asian economies, despite the small blips, is what’s keeping the shipping industry buoyant,” he told Gala Dinner guests.


“Despite the global economic slowdown, the Asian Development Bank has projected that Asean is forecasted to grow by 5.2% this year and 5.6% in 2014. These growths are largely dependent on trade within the Asean community. An essential element of that community is Asean’s economic integration. With increasing affluence, the region is expected to increase the demand of goods and services in the years ahead,” he said.


“The phased removal of tariffs and trade barriers for goods and services by 2015, particularly with regard to the development of an Asean Free Trade Area (AFTA), will boost the bloc’s appeal as a production base. Moreover, an integrated Asean economy would allow Asean to compete, both within Asia and on a global scale. Whilst more needs to be done, particularly with regard to connectivity, there are great opportunities for shipping companies in Asean, especially when the global economy and the industry as a whole still face uncertain times.


“Nonetheless, I maintain that shipping is in a reasonably good shape despite the problems that we are all facing. It is an industry in which long-term investments have tended to bring long-term rewards. As such, it is worth maintaining a long-term outlook. The order book for new ships is still alarmingly high and reports are suggesting that the rates of scrapping may be slowing it down. In my view, there is therefore a strong need for greater understanding to maintain equilibrium to help the global shipping industry recover,” he added.


Looking to the domestic market, Mr. Phoon said the SSA was doing everything it could, though intra-governmental department dialogue, to continually reduce business costs, increase productivity levels and help Singapore maintain its competitive edge especially in these difficult times.


“I am very heartened to note that our close working relationship with our government and its agencies such as the MPA has been strengthening continuously over the years.


“Your Association (the SSA) is also working very closely with the relevant stakeholders to ensure that your manpower concerns, both at sea and on land, are being addressed, in order to support the growing shipping industry in Singapore,” he stressed.


 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Keel-Laid for Navy's 10th LCS at Austal Yard

The Navy and Austal USA held a keel-laying ceremony for the future 'USS Gabrielle Giffords', the Navy's 10th littoral combat ship (LCS), in Mobile, Ala., informs

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Finance

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

News

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

PetroVietNam Gas's Q1 gross profit falls 27.5%

PetroVietNam Gas's first-quarter gross profit fell 27.5 percent to 3.9 trillion dong ($185 million) from a year earlier, the Lao Dong (Labour) newspaper reported.

Vessels

Havyard to Build Hybrid Battery Arctic PSV

Norway's Havyard says it has signed a contract for the construction of a Havyard 833 WE ICE platform supply vessel with Fafnir Offshore HF. The vessel is to be

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

Divers struggle in search for ferry survivors

Rescuers struggled with strong waves and murky waters on Thursday as they searched for hundreds of people, most of them teenagers from the same school, still missing

Government Update

Obama Offers US Aid to S.Korea Following Ferry Accident

U.S. President Barack Obama on Thursday expressed condolences to the families of the victims of the South Korean ferry sinking and said the U.S. military will provide

S.Korean Ferry Master Faces Investigation

The captain of the South Korean ferry that capsized off the southwest coast was facing a criminal investigation on Thursday, an official said, amid unconfirmed

Divers Struggle in Search for Ferry Survivors

Rescuers struggle with waves, murky waters; Captain faces charge of abandoning South Korean ferry. About 290 people still missing, many of them teenagers. Rescuers

Logistics

Among 2014's Most Powerful & Influential Women: Karen Jones

Commercial transportation and supply chain management firm Ryder System Inc. say that their Chief Marketing Officer, Karen Jones, was named one of 2014’s Most Powerful

Inchcape Shipping Services Opens in Venezuela

Inchcape Shipping Services (ISS), the world’s leading maritime services provider, has expanded its network in Central and South America with the opening of ISS Venezuela in Puerto La Cruz,

Blackstone Unlikely to Enter Commodities Trade

Blackstone exec doesn't expect move into commodities in near term Blackstone Group LP is unlikely to make a foray into commodity trading in the short term as

 
 
Maritime Careers / Shipboard Positions Maritime Security Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2058 sec (5 req/sec)