Moves to boost S’pore as major shipping hub

The Singapore Shipping Association (SSA) has set up working groups to find ways of improving services in the marine insurance and shipping finance sectors.

SSA president Patrick Phoon said at its 29th anniversary dinner last night that the initiatives will boost Singapore’s efforts to become a major maritime hub.

One working group will explore creating war risk insurance cover for crews and ships that can generate significant cost-savings for local ship owners.

Another group will follow up on some of the key recommendations in another report on the shipping finance sector that the SSA has commissioned. The aim is to help develop Singapore as Asia’s premier ship finance centre.

He did not give further details.

Mr Phoon also noted in his speech at Marina Bay Sands that Singapore’s shipping sector has been able to maintain its competitive edge, thanks to “a Government who listens very closely to the views of the industry”.

“Our association has been maintaining close dialogue with the Government and the relevant agencies to continually reduce business costs, smoothen out kinks in our current systems and increase productivity levels.”

He pointed to the recent formation of a navigation safety working group in which SSA members have been “very forthcoming with sharing their best practices with the Maritime and Port Authority of Singapore to address safety concerns in our waters”.

The working group was formed following three collisions at sea that resulted in oil spills earlier this year.

Mr Phoon added: “With the establishment of the ASEAN Economic Community next year, which will create a single market with free movement of goods, services and investments, I am confident that Singapore will harness its role in urging our regional economies to greater heights, and so will our shipping industry.”
Source: The Straits Times