Opening Remarks by Mr Murali Pillai, Senior Minister of State for Law and Transport at Singapore Maritime Foundation’s New Year Conversations

Mr Hor Weng Yew, Chairman, Singapore Maritime Foundation,

Ladies and Gentlemen,

1.          Good evening. It is my pleasure to join you once again for the Singapore Maritime Foundation’s (SMF) New Year Conversations. Let me begin by wishing all of you a very Happy New Year!

2.          The SMF New Year Conversations is a cherished tradition that brings our maritime community together at the start of the year. 2026 is particularly significant for us, as we celebrate two major milestones – the Maritime and Port Authority of Singapore’s 30th Anniversary, and the Singapore Registry of Ships’ 60th Anniversary.

Maritime Singapore’s Performance in 2025

3.          I would like to begin by celebrating our key achievements from last year. Despite global uncertainties, Maritime Singapore has delivered exceptional success across every area of our maritime ecosystem – our global hub port, our international maritime centre, the Singapore Registry of Ships (SRS), and as a member of the international maritime community. Let me highlight some significant achievements.

4.          Our port has thrived, setting numerous new records in 2025.

a.          We achieved a record high of 3.22 billion gross tonnage in annual vessel arrivals, underscoring Singapore’s enduring role as a choice port of call, and position as a premier global maritime hub.

b.          Total container throughput reached a record high of 44.66 million TEUs, representing 8.6% growth from 2024. Singapore was also recently ranked number one globally in the inaugural Leading Container Ports of the World 2025 report by DNV and Menon Economics. At a time of shifting trade routes and disruptions, this reaffirms Singapore’s position as a key node in global trade.

c.           Total bunker sales volume hit a record high of 56.77 million tonnes in 2025, signalling Singapore’s continuation as a trusted and leading bunkering hub. These included 1.95 million tonnes of alternative fuels, testament to Singapore and the maritime sector’s progress in decarbonisation efforts.

5.          Our vibrant International Maritime Centre also grew steadily.

a.          There are now more than 200 international shipping groups in Singapore, contributing an estimated annual total business spending of S$5 billion to our economy. In 2025, 35 companies and maritime startups established and expanded their operations here. For example, we are happy to witness the establishment of Mitsui O.S.K. Lines’ first Sub-Headquarters in Singapore. These developments have strengthened our maritime cluster and signals confidence in our maritime ecosystem.

b.          At the same time, we retained our top position in the Xinhua-Baltic International Shipping Centre Development Index for the 12th consecutive year.

6.          Complementing Singapore’s status as an international maritime centre, the Singapore Registry of Ships has continued its strong growth trajectory, reflecting shipowners’ confidence in Singapore as a reputable and forward-looking flag State. In 2025, the SRS grew to more than 130 million gross tonnage, moving up the global rankings as the 4th largest ship registry for the first time. What a way to celebrate its 60th birthday this year! The SRS also demonstrates Singapore’s steadfast commitment to supporting the industry’s transition to cleaner fuels. In 2025, 34 Singapore-flagged vessels were awarded Green Ship Certificates under the Green Ship Programme.

7.          Finally, on the global stage, Singapore continued to play an active role and forge strategic partnerships.

a.          Singapore was re-elected to the council of the International Maritime Organization for the 17th consecutive term, and elected to the International Organisation for Marine Aids to Navigation, or IALA Council.

b.          Singapore also established two new Green and Digital Shipping Corridors (GDSC) with India and the Republic of Korea, and elevated our GDSC with China to the national level. This brings the total number of GDSCs signed since 2023 to nine, creating practical testbeds and encouraging collaboration in the adoption of cleaner fuels, new technologies and digital standards.

8.          Maritime Singapore’s success would not have been possible without the strong tripartite partnership between industry, unions and Government, and the dedication of all our maritime workers. This is something that the Government do not take for granted at all. Thank you for your commitment and hard work in propelling Maritime Singapore forward.

Resilience Ahead of Challenges in 2026

9.          As we enter 2026, our external environment remains challenging, with continued uncertainty from geopolitical tensions, changing tariffs, and threats of supply chain disruption.

10.        Nevertheless, global seaborne trade is projected to grow, especially for commodity trades where diversification and re-routing are driving up shipping demand. With strong support from our tripartite partners, I am confident that the maritime sector will continue to thrive as long as we remain anchored on three evergreen fundamentals. Maritime Singapore must continue to be:

a.          Trusted, reliable and competitive for businesses;

b.          Connected by strong partnerships; and

c.           Future-oriented and prepared for a changing maritime landscape.

Trusted, Reliable and Competitive for Businesses

11.        To remain a competitive and trusted global hub, Singapore must stay conducive and attractive to businesses. This includes streamlining regulatory processes to make it easier for businesses to operate efficiently and reduce costs. One initiative we have embarked on is enhancing our incentive delivery and tax administration.

a.          MPA will launch an integrated portal for Maritime Sector Incentive schemes. This will deliver a seamless user experience and shorten processing time.

b.          Similarly, MPA has streamlined and digitalised the declaration regime for withholding tax exemptions, simplifying the process for interest and related payments.

12.        In 2025, MPA also implemented Digital Bunkering and introduced the electronic bunker delivery notes enquiry facility for bunker buyers. Since September 2025, all bunker suppliers have adopted Digital Bunkering, and transactions have grown month-on-month. This transformation has saved approximately 40,000 man days annually for the industry, and improved transparency of bunkering operations.

13.        Our efforts to streamline regulatory processes to save the industry time and costs is an ongoing journey that we must take. We welcome your ideas and suggestions on how we can work together to enhance Singapore’s competitiveness.

Connected by Strong Partnerships

14.        Close tripartite collaboration is at the heart of Maritime Singapore’s success. We must continue to deepen our partnerships with tripartite partners – from joint policy formulation to innovation collaboration and talent attraction.

15.        For example, MPA recently formed a harbour craft decarbonisation task force to shape and co-develop policies and solutions. Industry associations such as the Singapore Shipping Association, Singapore Clifford Pier Motor Boat Association and Singapore Association of Ship Suppliers and Services are represented, and the task force will deliver its recommendations later this year.

16.        We have also pursued partnerships to drive innovation. RINA, a multinational engineering consultancy, inspection and certification group, signed an MoU with MPA to establish a technology demonstration centre as part of their Open Innovation Hub in Singapore. This will serve as a platform to co-create and trial innovative solutions in digitalisation, decarbonisation and talent development. We also renewed our MOU with DNV, another classification society, to strengthen collaboration in maritime sustainability, digitalisation, innovation and talent development.

17.        Concerted effort across Maritime Singapore is essential to attract and retain maritime talent – the lifeblood of our sector.

a.          We are fostering early connections between students and industry employees. Supported by Singapore Polytechnic, two maritime SMEs from the MPA-SP Maritime SME Digital Adoption Pilot Programme are developing customised automation projects with Singapore Polytechnic students. These represent meaningful opportunities for students to develop and gain exposure to the maritime industry, while connecting SMEs with emerging talent. We must continue to showcase these opportunities to young Singaporeans to attract the next generation of maritime leaders.

b.          MPA, the Singapore Maritime Officers’ Union (SMOU) and e2i also enhanced the Tripartite Maritime Training Award programme to attract mid-career sea-faring trainees, committing $8.5 million from 2025 to 2027.

Future-oriented and Prepared for a Changing Maritime Landscape

18.        To remain future-ready, we must not only keep pace with but drive efforts to address and seize opportunities brought by the key trends shaping the maritime sector – digitalisation, and decarbonisation.

19.        On digitalisation, technology enables us both to perform tasks more efficiently, and undertake increasingly complex operations.

a.          MPA’s collaborations with Microsoft and Amazon Web Services leverage AI, cloud computing and digital twins to enhance operations and navigational safety, supporting workforce upskilling and a more sustainable and technology-driven future.

b.          MPA has also rolled out AI-driven processing of functions including ship insurance certificates issuance and financial security declarations. MPA will further enhance the digitalisation of other operations in the coming year.

20.        As the maritime industry pursues decarbonisation, MPA is also leading efforts to develop Singapore as a multi-fuel bunkering hub.

a.          In November 2025, MPA awarded three licenses to supply methanol as marine fuel in the Port of Singapore from 1 January this year. This marks an important step in establishing methanol bunkering at scale.

b.          Following two successful LNG reloading trials in 2025, MPA will also open applications for additional licenses to supply LNG as marine fuel to better fulfil the growing demand of the industry, and launch the Standards for Port Limit LNG Bunker Vessels tomorrow. The Technical Reference for LNG Bunkering will also be upgraded to a Singapore Standard, expected to be published in Q2 2026. This strengthens requirements for safe, transparent and quality-assured LNG bunkering.

c.           Lastly, MPA has appointed the Keppel-led consortium and their bunkering partner Sumitomo, to proceed with the next phase of developing a low- or zero- carbon ammonia solution for power generation and bunkering. Through the Singapore Standards Council, MPA and Enterprise Singapore will also publish Singapore’s first Technical Reference for Ammonia Bunkering in the second quarter this year, to guide safe and reliable operations while supporting such trials and early adoption.

Conclusion

21.        At the start of this new year, we look back and celebrate our successes in the past year, which was only possible because of the combined efforts of everyone in the maritime community. At the same time, we look forward to the year ahead, where I am confident that our collective strength and shared vision will enable us to chart the course through rough waters, and seize emerging opportunities ahead.

22.        Thank you all once again for your partnership, dedication, and commitment to Maritime Singapore. I look forward to working with all of you in the coming year, and to seeing you at the 20th Singapore Maritime Week in April.

23.        Thank you.