Maritime transport is a vital means of transport for the prosperity of a country. It has an impact on the rate of economic development in a country. It is the most optimal cost efficient means of transporting a large number of goods. It creates employment opportunity in other dependant industries like shipbuilding, ship breaking, ship repairing, maritime training etc. It plays a huge role in increasing trade, generating employment.
As Asia starts to dominate world trade, Singapore has leveraged on her strategic position in Asia, to further expand the Maritime Industry that supports world trade.
The Maritime Industry in Singapore is very vital to the national economy, contributing nearly 7 per cent of Singapore's GDP .The maritime clusters consists of more than 5000 maritime establishments in
- Shipping And Port Related Sectors
- Offshore, Shipbuilding And Repair
- Maritime Services -Shipping Finance, Marine Insurance And Maritime Legal And Arbitration Services
Shipping and Port Related Sectors
According to the "Review of Maritime Transport 2007" a report by the United Nations Conference on Trade and Development (UNCTAD), Singapore is the 10th most imported maritime country. The Singapore Registry of Ships (SRS) has also continued to grow and the Singapore flag is carried in excess of 39 million GT in 2007.
Offshore, Shipbuilding and Repair
There has been tremendous transformation in the offshore and marine engineering (OME) sector in the 40 years. Today, with 70% of the global market share of Floating Production Storage Offloading (FPSO) vessel conversion, 70% of world market share for jack-up rig building and 20% of world market share for ship repair, Singapore boasts a comprehensive offering of repair services, conversions and new constructions for an International clientele.
Shore Band Maritime Services
In various sectors like shipping finance and marine insurance, Singapore has witnessed tremendous growth in the shore based maritime services. In May 2006, the SGX Asia Clear, the first clearing facility for freight and energy derivatives in Asia was started in Singapore.