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Senior Minister Lee Hsien Loong, Excellencies,

Ladies and gentlemen,

1.     Good morning, and welcome to the 19th Singapore Maritime Week (SMW).

2.     The sea is Singapore’s past and it is our economic present. As we celebrate 60 years of independence this year, it is timely to reflect on the transformation of Maritime Singapore and how we can ride the waves for the future.

3.     In the 1960s, Singapore’s export-led industrialisation succeeded on the back of Jurong Port, which was built to handle bulk cargo used by industries in the Jurong Industrial Estate, as well as containers and other industrial goods.

4.     Thereafter, we opened the Tanjong Pagar Container Terminal, which allowed us to ride the wave of containerisation and meet new demands from Singapore’s rapid industrialisation and the manufacturing of high value-added export goods. This was followed by terminals at Keppel, Brani and Pasir Panjang.

5.     We are a tiny island, but our reach spans across oceans today as the world’s largest container transshipment hub. Over the years, we have also attracted tankers and bulk carriers carrying energy, food and raw materials, and grown into a major bunkering hub.

6.     The seas have allowed us to transcend our size, and this remains so today. We are working to seize the next wind of growth with the development of Tuas Port – 11 berths are currently operational, and seven more scheduled to open by 2027. When fully operational in the 2040s, Tuas Port will be the world’s largest fully automated port. Its increased handling capacity will also allow our port to meet the longer-term plans and demands of the shipping industry.

7.     Beyond our port and infrastructure, we have established ourselves as a leading International Maritime Centre. Today, we have a thriving network of over 200 international shipping groups, alongside a growing community of MarineTech start- ups and maritime associations. Together, we are a vibrant maritime ecosystem, alive with opportunities for businesses and workers.

a.     Classification societies have continued to grow and expand in Singapore with plans to further invest in R&D, technology, training and manpower development. For example, the American Bureau of Shipping, RINA and the China Classification Society plan to invest close to S$20 million in Singapore over the next 5 years.

b.     This year, the Maritime Battery Forum, a Norwegian-headquartered industry association at the forefront of marine electrification, will establish its Asia- Pacific headquarters in Singapore. This will support our growth as a regional hub for maritime battery technology.

8.     While we have enjoyed periods of smooth sailing in recent years, there are storm clouds brewing ahead. Global trade is under pressure from geopolitical tensions, the impact of climate change has become clearer, and in the region, competition is fierce. Tides run and trade flows may not always pass through Singapore.

9.     As a maritime community, we must remain committed to free trade and multilateralism, and to building shared global norms. Singapore has done this through our support for the International Organization for Marine Aids to Navigation, as host of its inaugural General Assembly last month, and our continued facilitation to forge norms at the International Maritime Organization (IMO).

11.    First, we will advance maritime innovation and digitalisation to improve port operations and reduce costs.

12.    Later this morning, we will launch the Maritime Digital Twin, a dynamic virtual model of the Port of Singapore which will enhance navigational safety, operational efficiency and environmental sustainability. Developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the Government Technology Agency of Singapore, research institutes and industry partners, the digital twin will integrate data from different sources and provide a platform for information sharing. This will enable the development of tools to optimise port efficiency and reliability above, at and below the sea surface.

13.    For example, the digital twin will enable scenario simulations and dispersion modelling, which can inform standard operating procedures for the safe bunkering of alternative fuels such as methanol and ammonia.

14.    MPA will roll out the digital twin to pilot users later this year, before progressive implementation for the wider industry. In future, we can extend this to the global maritime ecosystem through our Green and Digital Shipping Corridors with other countries and ports.

15.    To create a pro-enterprise environment for businesses to thrive, MPA has been working with the industry and unions to review existing rules and streamline procedures to reduce business costs and improve operational efficiency. By waiving security deposits and bankers' guarantees for companies assessed to have lower credit risks, approximately 480 billing parties have saved $490,000 with improved cash flows of more than $15.3 million as of December last year.

16.    We have also announced that from 1 April 2025, all bunker suppliers in our port will be required to provide digital bunkering services as a default. This will enhance the efficiency and transparency of the bunkering process, reaping manpower and cost savings for the industry.

17.    Second, as the momentum of maritime decarbonisation picks up, MPA is preparing for the bunkering of alternative fuels and decarbonising our domestic maritime sector.

18.    We are taking steps to support the use of various fuels by the industry and position Singapore as a leading bunkering hub for alternative fuels.

a.     Over the past two years, we have supported trials of alternative fuels such as ammonia and methanol. These have contributed to the development of new technical references and IMO guidelines to enable the safe and efficient use of these marine fuels.

b.     MPA and Enterprise Singapore published the new Technical Reference 129 on Methanol Bunkering earlier this month, and we plan to launch a new standard for ammonia bunkering later this year.

19.    On the domestic front, MPA is also facilitating decarbonisation for domestic harbour craft to achieve our national target of net-zero emissions by 2050.

a.     MPA and Enterprise Singapore will launch the new Technical Reference 136 this week to provide guidelines for the development and operation of charging and battery swap systems for electric harbour craft. This will enhance the safety and interoperability of electric harbour craft charging infrastructure.

b.     MPA has also recently allowed licensed bunker tankers to carry and deliver biofuels up to B30. Pilots for up to B100 are ongoing, and we welcome bunker suppliers to engage in these pilots.

20.    Third, we will position our people to exploit new opportunities as the industry transforms.

21.    One example is the Tripartite Maritime Training Award, or the TMTA, which trains mid-careerists to pursue seafaring careers. I am happy to share today that MPA has worked with the Singapore Maritime Officers’ Union, SkillsFuture Singapore and other tripartite partners to enhance the TMTA. These partners will commit S$8.5 million over the next three years to support the enhanced programme. Mid-careerists who take up the enhanced TMTA will enjoy:

a.     a streamlined seafaring training curriculum, with the duration shortened by about one-third, from 31 to 22 months, while maintaining high training standards;

b.     an increase in training allowances from S$1,200 to S$2,200 per month to provide better financial support during the training phase; and

c.     a structured mentorship programme by experienced seafarers to help mid-careerists navigate classroom learning and real-world challenges.

22.    These enhancements will grow our pipeline of local seafarers, who bring valuable expertise to the industry and are critical to filling leadership positions at sea and ashore.

23.    We will also continue to upskill our existing workforce. MPA has recently launched the Maritime Testbed of Shipboard Operational Technology System, or MariOT, which will train more than 300 students and professionals in maritime cybersecurity over the next three years. The Singapore University of Technology and Design, in partnership with MPA, will host the inaugural MariOT cybersecurity training exercise this week to test participants’ ability to detect cyber intrusions and carry out the appropriate incident response.

24.    Singapore is an island and we are connected to the world by the oceans which surround us. For the past 60 years, these linkages have allowed Singapore to grow and become a global hub port and International Maritime Centre.

25.    We have done this with the help of strong following winds – a stable world order, shared global norms, and an openness to trade. But with new challenges ahead, we must work even more closely with international organisations, governments, the industry and unions to secure our future.

26.    Even as barriers go up across the world, between countries, regions and business partners, the seas remind us how much we gain from remaining open to the free flow of goods, ideas and people. This in turn generates new ideas and fresh innovations; it is how we learn, transform and ultimately, prosper and flourish together.

27.    The Singapore Maritime Week will provide opportunities for all participants to exchange ideas, forge closer partnerships, and unlock new opportunities to shape the future of maritime together. I wish everyone a fruitful week ahead. And to our friends from overseas, have an enjoyable and memorable stay in Singapore. Check out the Singapore River cruise – it is how the economic life of Singapore began. Thank you.