The Maritime and Port Authority of Singapore (MPA) will be establishing a Maritime Cluster Fund (MCF) with S$80 million set aside over five years to promote and strengthen the maritime sector in Singapore. The Fund will be used to help companies in the maritime cluster to acquire specialist knowledge and skills and develop their manpower. This will boost Singapore's cluster of high value-added and knowledge-based maritime activities, lower operating costs and improve efficiency of the maritime sector. The Fund will also be used to provide incentives and concessions to container shipping lines to strengthen our transhipment hub. Transport Minister, Yeo Cheow Tong, had announced the setting up of the S$80 million MCF in Parliament earlier today.