The Maritime and Port Authority of Singapore (MPA) has established the International Maritime Centre 2030 (IMC 2030) Advisory Committee to chart the future directions of Singapore’s IMC. Mr Andreas Sohmen-Pao, Chairman of BW Group, has been appointed as the Chairman of this committee. As part of its work, the committee would review Singapore’s IMC development strategy and identify new growth areas to enhance Singapore’s long-term competitiveness and value proposition as an IMC.
Globally, Singapore is known as one of the world’s busiest ports and a top bunkering port. Beyond her status as a premier global hub port, Singapore has been ranked by international studies to be a leading IMC. The latest Xinhua-Baltic Exchange Shipping Centre Development Index published in 2016 ranked Singapore as the top shipping centre among 43 global maritime hubs. Singapore was also ranked first place as the world’s leading maritime capital in the last study conducted in 2015 by Norwegian consulting firm, Menon Economics, which benchmarked the top maritime cities around the world.
Singapore’s IMC which comprises the shipping and maritime services sectors has grown considerably over the years. In 2000, there were only about 20 international shipping groups with origins from countries including China, Denmark and Norway which had offices in Singapore. Today, Singapore has one of the highest concentrations of international shipping groups; and is home to more than 130 international shipping groups as well as leading players in ship management, finance, broking, insurance, law and arbitration.
Even as Singapore is widely recognised as a leading IMC, the maritime industry is also driven in new directions by the increasing interconnectedness of the economy and closer integration of global supply chains. The rapidly evolving global economic environment poses both opportunities and challenges for Singapore’s development as an IMC. Emerging trends in the maritime and logistics sectors such as smart ships and ports, data analytics, digital platforms and other new technologies are disrupting traditional business models and creating new value chains. To be better positioned for future growth, Singapore would need to stay nimble and adapt to new industry paradigms. The IMC 2030 Advisory Committee will focus on these new developments and identify cross-sector growth opportunities to strengthen Singapore’s position as a leading IMC.
The newly established IMC 2030 Advisory Committee comprises members including global business leaders and experts in maritime and related sectors such as global logistics, finance and technology.
Mr Andreas Sohmen-Pao, Chairman of IMC 2030 Advisory Committee said,
“I am delighted to be able to work on this initiative with a high-level group of global maritime leaders Leveraging the group’s diverse expertise and knowledge, we will propose strategies for a more vibrant and competitive Singapore IMC.”
Source & Image credit: MPA Singapore
