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Singapore Economic News

12 Oct 2021

BV Opens Innovation and Sustainability Hub in Singapore

Ashish Anilan (left) - Sustainability Leader, in BV’s Southeast Asia Zone; David Barrow (standing) - Vice President, Marine & Offshore, South Asia Zone; Koh Shu Yong (right) - Director of iCARE (Photo: Bureau Veritas)

Bureau Veritas Marine & Offshore Singapore (BV) has launched a new Center of Excellence - the innovation Center of Alternative Renewables Energy (iCARE), supported by the Singapore Economic Development Board (EDB).Aligning itself with Singapore’s goal of driving innovation to increase competitiveness in maritime, iCARE as a Center of Excellence (CoE) will drive sustainable growth and new technology in Singapore. By creating an enabling environment for value innovation in the industry…

29 Jul 2021

Singapore LNG Wants to Extract Chemicals from LNG

Credit: Singapore LNG Corp

Singapore LNG Corp, operator of the city-state's liquefied natural gas (LNG) terminal, is designing a new facility to extract chemicals from the super-chilled fuel, in a project that could help boost the island's energy security.The company said on Wednesday it is working with Keppel Infrastructure through its wholly-owned subsidiary Keppel Energy and another industry partner on front-end engineering and design (FEED) for a natural gas liquids extraction facility at the terminal in Jurong Island…

18 Jan 2021

Singapore Prioritizes Vaccinations to Frontline Maritime Workers

© Feydzhet Shabanov/AdobeStock

More than 10,000 frontline maritime personnel to receive COVID-19 vaccinations by end of January.In the global seafarer crisis created by COVID-19, Sinagapore has emerged as a world leader in the treatment of seafarers and frontline maritime personnel. That streak continues as Singapore became one of the first countries to prioritize COVID-19 vaccinations for frontline maritime workers. The vaccination exercise is part of the national COVID-19 vaccination strategy to protect frontline personnel and their family members…

08 Jun 2020

Energean Power FPSO Topside Installation Work Kicks Off

Energean Power FPSO Hull - Credit: Energean

Work on Energean's Energean Power FPSO in Singapore has begun as Sembcorp Marine Admiralty Yard, Singapore, reopened on June 2, after the COVID-19 lockdown.The FPSO hull arrived from China in April for topside integration works in Singapore, however, on arrival, the yard operations were shut due to the COVID-19 pandemic.Energean on Monday said that on 2 June 2020, the Sembcorp Marine Admiralty Yard, Singapore, reopened, and that preparation works for the lifting of the topside modules of the Energean Power FPSO had started.

14 May 2019

DNV GL, NTU Partner in 3D Printing

The global quality assurance and risk management company DNV GL and Nanyang Technological University (NTU), Singapore (NTU) are supporting academic advances in additive manufacturing – the process of 3D printing – for the maritime, oil and gas and other industries, through a four-year research collaboration agreement.Two new doctoral student (PhD) positions are being created through the Industrial Postgraduate Programme, supported by the Singapore Economic Development Board (EDB) and DNV GL. A further full time Research Fellow post is also being created at NTU’s Singapore Centre for 3D Printing.The research agreement will focus on developing industry standards, quality assurance processes, certification and supply chain tracking for the additive manufacturing sector. It was signed by Dr.

05 Apr 2019

PSA Group Appoints Peter Voser as Chairman

PSA International, one of the world's largest port operators, announced that  Peter Voser, currently Deputy Chairman, is taking on the role of Group Chairman of the PSA Board.Fock Siew Wah stepped down as Group Chairman on 1 April 2019, and will assume the role of Special Advisor to PSA until his retirement on 31 July 2019.As one of PSA’s longest serving Chairmen, Fock has steered PSA with visionary leadership and strategic foresight since August 2005. With his astute guidance, the PSA Group’s global footprint has grown to its current day span of over 50 coastal, inland and rail terminals in 17 countries, and volumes have doubled to…

30 Jul 2018

Singapore's Offshore Industry Recovering

© ligados / Adobe Stock

A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost…

09 Feb 2018

DNV GL Boosts Investment in 3D Printing

3D Printing (DNV GL)

The new center, which is supported by the Singapore Economic Development Board (EDB), will focus on developing competence including qualification, certification and training for additive manufacturing (AM), also known as 3D printing. While AM is raising more and more interest in various industries, as the benefits of speed and cost against traditional product manufacturing become apparent, the adoption level in the O&M sector is still low due to challenges in qualification and certification.

03 Nov 2017

Jurong Port, NTU Pursue Alternative Energy Research

Jurong Port and Nanyang Technological University, Singapore inked an MoU at the Singapore Maritime Institute (SMI) Forum 2017 today to jointly pursue R&D in areas such as Smart Multi-Energy Systems, Alternative Energy Source Applications and Environmental Monitoring Solutions. The MoU signing was witnessed by Dr Lam Pin Min, Senior Minister of State for Transport and Health. The MoU, covering a period of five years, will have both parties jointly: (a) Conduct research projects and testbed solutions as part of Jurong Port’s Living Lab programme. (b) Conduct mutual exchange of expertise including staff secondment programmes. (c) Organise events to promote greater environmental sustainability through maritime outreach activities and thought leadership.

27 Mar 2017

Rolls-Royce Signs MoU to Develop Smart Ships

Photo courtesy of Rolls-Royce

Rolls-Royce and the Technology Center for Offshore and Marine, Singapore (TCOMS) have signed a Memorandum of Understanding to form a strategic partnership to develop smart ship technologies. The partners will work on world leading research to develop fundamental technologies, such as smart sensing, digital twinning and integrated modelling which are essential to the development of future marine data based solutions. These developments will be applied to technology demonstrators to show how they can be used by specific ship types.

09 May 2016

PSA Unveils Incubator Programme for Start-ups

PSA International Pte Ltd today announced the inception of PSA unboXed Pte Ltd (PSA unboXed), its new corporate venture capital arm with an initial fund size of S$20 million. Through its incubator program, PSA unboXed seeks to invest in and nurture start-ups that are keen to create innovative logistics solutions fusing information and communications technology including IoT (Internet of Things), cloud, data analytics, AI (Artificial Intelligence) and optimisation, as well as engineering solutions including robotics and automation in container and cargo handling operations, and transaction solutions for the maritime trade and finance ecosystems. Mr Tan Chong Meng, Group CEO of PSA International, said, "The port is one of most important points of convergence in global supply chains.

20 Jan 2016

Inmarsat Expands Presence in Singapore

Photo: Inmarsat

Inmarsat, has opened its new Singapore office, which is the company’s largest facility in Asia Pacific region. Inmarsat’s investment in the 1,700 suareq meter office in Toa Payoh, Central Region Singapore, sees the company’s regional hub providing a new solutions lab, demonstration capabilities, training rooms, a knowledge centre and support center, in addition to enhanced production and storage facilities. The opening ceremony was attended by Inmarsat’s CEO, Rupert Pearce, Beh Kain Teik…

28 Aug 2014

ST Engineering Appoints New Director

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of Dr Beh Swan Gin as an independent and non-executive Director of the Company with effect from 1 September 2014. Dr Beh, 47, is the Permanent Secretary of the Ministry of Law. He was Managing Director of the Singapore Economic Development Board (EDB) from 2008 to 2012. Dr Beh is a medical doctor by training and graduated from the National University of Singapore. He is also a Sloan Fellow with a Master of Science in Management from Stanford University's Graduate School of Business, and completed the Advanced Management Programme at the Harvard Business School in 2012.

25 Apr 2014

Singapore's Marine & Offshore Sector Powering Output

Singapore's first-quarter growth could be revised higher after data on Friday showed unexpectedly strong industrial output in March, double the pace of market expectations, with output in marine and offshore engineering +45.1% y/y. Manufacturing output in March surged 12.1 percent from a year earlier, far exceeding expectations in a Reuters poll for growth of 6.3 percent. Output rose 6.1 percent on a month-on-month, seasonally adjusted basis, quicker than the median forecast of 1.5 percent. Helping to drive the surprising strength in industrial production was a surge in output in the marine and offshore engineering segment, which jumped 45.1 percent year-on-year.

13 May 2013

Drydocks World Discusses Wide Ranging Bilateral Issues

Singapore Consul General

Drydocks World received H.E. Cheong Ming Foong, the Consul General of Singapore along with Khalil A. Bakar, Center Director Middle East of Singapore Economic Development Board. Khamis Juma Buamim, Chairman and Dr. Markus Voege, VP – Operation and Production of Drydocks World and Maritime World, welcomed H.E. Cheong Ming Foong and Mr. Bakar to the Maritime Business Center at Dubai Maritime City for discussions on economic developments, renewal of agreements of understanding in the marine and maritime specialties…

16 Apr 2013

Norwegian Embassy Reports on Asia Offshore Exploration and Production

Rising energy demand from Asia Pacific countries is a key factor driving the growth in regional offshore oil and gas exploration and production (E&P) activities. In response to this, The Royal Norwegian Embassy in Singapore, Innovation Norway in alliance with DNV and Norwegian Business Association (Singapore) is staging the Asia Offshore Technology Conference in Singapore. The conference will examine and draw practical conclusions about ‘The Challenges of Offshore E&P in Asia Pacific’. A specially commissioned report into the critical trends of the sector in the region will be unveiled at the half day event. The report, by consultants Douglas Westwood, was commissioned by leading Norwegian Classification Society Det Norske Veritas (DNV), Innovation Norway and the Norwegian Embassy, and Mr.

26 Mar 2013

Norwegian Embassy Announces Offshore Technology Summit

Tormod C. Endresen

Increased energy demand due to rapid economic development is driving many Asia Pacific countries to reduce their dependency on imported oil and gas by upping local offshore exploration and production (E&P) activities. Responding to this reality, The Royal Norwegian Embassy in Singapore announced the free Asia Offshore Technology Conference  on Tuesday, April 16 in Singapore to assess ‘The Challenges of Offshore E&P in Asia Pacific’. A survey report analyzing key trends in the region’s E&P sector will be disclosed at the conference.

27 Nov 2012

Singapore’s Jaya Holdings – New CFO Appointed

Jaya Holdings Ltd is pleased to announce the appointment of Mr Chong Chow Pin as Chief Financial Officer Designate. Mr Chong will report directly to the Chief Executive Officer and be responsible for financial, treasury and all corporate services. He succeeds Ms Thai Kum Foon, who will step down on 31 December 2012 from the position to pursue personal interests. Mr Sheshashayee Venkatraman, Chief Executive Officer of Jaya Holdings, said today: “We would like to thank Kum Foon for her great contributions to Jaya Holdings, in particular her dedication and effort in the past two years, a period of significant change for the Group. She leaves us in a much stronger financial position than we have been for some time.

16 Aug 2002

Shipping Event to Benefit From Singapore’s Economic Rebound

While still one of the world's most important maritime centers, Singapore has undoubtedly suffered of late. It endured the world's deepest recession last year, its worst economic year since gaining independence more than 30 years ago. Singapore is bouncing quickly back to growth. It appears that GDP growth in 2002 will be better than 3.4 per cent. Already, the second quarter has produced growth of 3.9 percent. agree that "happy days are here again". The recession did not really affect the maritime sector but it certainly dampened the mood in the Island Republic overall. the maritime industry forged ahead throughout. What it did do, though, for the Lion City's major maritime event for 2003 was dislodge an inconvenient competitor.

04 Oct 2002

Brunswick Marine Innovation Center Opens In Singapore

Brunswick New Technologies (BNT) is preparing to test and pilot a new generation of electronics solutions for the marine and recreational industries at its Marine Innovation Center opening today in Raffles Marina, Singapore. "We believe this latest venture in Singapore will further solidify and extend our leadership efforts in marine innovation by enabling Brunswick New Technologies the opportunity to test its applications in real-world situations," said George W. Buckley, chairman and chief executive officer of Brunswick Corporation. BNT, a unit of Brunswick Corporation, was recently formed to focus on developing growth initiatives in software and electronics applications. T.J. Chung is president of Brunswick New Technologies.

11 Jun 2003

New Directors Named at NOL

Neptune Orient Lines (NOL) has appointed Ang Kong Hua and Willie Cheng Jue Hiang, to the Board of Directors, and confirmed Ron Widdows as CEO of its container transportation unit, APL. Ang Kong Hua becomes a Vice Chairman of the Board, joining Dr Friedbert Malt in this role, and will sit on both the Board’s Executive Committee and Nominating Committee. Willie Cheng Jue Hiang will serve on the Audit Committee in addition to his responsibilities as a member of the full Board. NOL Group Chairman Cheng Wai Keung said both Ang Kong Hua and Mr Willie Cheng offered a valuable breadth of skills and management experience in the global business arena. Mr Ang Kong Hua is President of NatSteel, a listed Singapore-based manufacturing group.