Singapore as an International Maritime Centre

Today, the Singapore Registry of Ships (SRS) is the largest in Asia and 4th largest in the world with some 33 million gross tons (GT) on its register of more than 3,200 vessels. The SRS is well-regarded as a quality flag due to its excellent safety and environmental records and offers numerous advantages such as financial incentives and recognition of foreign Certificates of Competency (CoCs).

Singapore has also launched incentive schemes such as the Approved International Shipping (AIS) scheme to attract companies which own or operate foreign flagged ships to reside in Singapore. Since 1991, the scheme has attracted over 60 international shipping companies to base their operations in Singapore.

To be a leading IMC, we must also develop a comprehensive range of maritime ancillary services to provide one-stop service for all port, shipping and maritime activities. We are constantly looking to develop high value-add and knowledge-based services in areas such as ship management, ship financing, marine insurance, ship broking, maritime legal services and maritime and offshore engineering.

To facilitate the development and growth of these service sectors, Singapore has introduced schemes to promote the development of maritime manpower. For example, the Maritime Cluster Fund (MCF) was created in April 2002 to facilitate maritime training. Singapore has created new courses, institutions and scholarships, while publicizing seafaring and maritime careers to Singaporeans.

At the same time, we are building our maritime R&D and knowledge capabilities through various research institutions specialising in maritime industries, offshore engineering and maritime business. A Maritime Innovation and Technology (MINT) Fund has also been established to co-fund the development of maritime R&D capabilities while maritime R&D MOUs have been signed with various research institutions for collaborative projects.

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