2    It is my pleasure to welcome you to Singapore for the International Association of Maritime Economists Conference 2026. I am very glad to see such an esteemed gathering of maritime leaders, thinkers and policymakers. Your work helps us to understand not just the global maritime economy today, but also shapes how future generations will think about it.

3    IAME Conference ran its inaugural edition more than 30 years ago in 1994. It was a very different world then. The Cold War had just ended. The World Trade Organisation was being created. Globalisation was just accelerating. And internet was in its infancy.

4    Back then, the maritime industry’s priorities were clear — optimisation. We optimised routes. We optimised ships. We optimised ports. We optimised supply chains. And in doing so, maritime became the invisible engine of globalisation

5    Fast forward 30 years, the world has become more interconnected but also much more complex. We have lived through a global pandemic that brought supply chains to a standstill. We have witnessed wars and geopolitical tensions disrupt trade routes, energy markets and investment flows. We have seen climate change move from a long-term concern to an immediate business imperative. And we have seen advances in digital technologies and AI transforming industries and jobs at unprecedented speed

6    So, the priority today is no longer just optimisation. The priority today is navigating trade-offs. Should supply chains prioritise efficiency or resilience? Should ports invest in ammonia, methanol, hydrogen—or all three? How much data should companies share to unlock AI while protecting themselves from cyber risks? These are not engineering challenges alone. Nor are they purely economic challenges. They are strategic dilemmas. And strategy depends not only on what we choose to do, but also on what others choose to do. Governments respond to governments. Ports respond to competing ports. Shipping lines respond to cargo owners. Investors respond to policy signals.

7    Every decision changes the incentives for the next player. Increasingly, the maritime industry is operating in a world that cannot be explained by classical economics alone. It is operating in a world shaped by game theory. Game theory is often associated with mathematics. But at its heart, it asks a simple question. How rational actors make decisions when their outcomes depend on one another? I believe this provides a useful lens through which to understand today’s maritime landscape.

8    Let me start with the first game – geopolitics. 

9    For decades, global shipping pursued one objective above all else — efficiency. Today, countries are pursuing two additional objectives. They want resilient supply chains. And they want greater control over critical industries.

10    We have seen this play out in real time – from disruptions in the Straits of Hormuz, to the reconfiguration of global supply chains. What was once viewed as the strength of global interdependence is now viewed as a source of strategic vulnerability. 

11    Together, these competing objectives form what I call the geopolitical trilemma: Efficiency. Resilience. Control. All three are desirable. Yet no nation can fully maximise all three simultaneously. Reshoring strengthens sovereignty but raises costs and creates new concentration risks. Diversification improves resilience but at the expense of efficiency and control. Global optimisation lowers costs but creates strategic dependence.

The Prisoner’s Dilemma of Geopolitics

12    It is, in many ways, a classic Prisoner’s Dilemma. Every country benefits from open and predictable trade. Yet every country also has incentives to protect itself, secure critical minerals and reduce dependence on potential rivals. Collectively, these actions make the global economy less efficient. Individually, every decision is entirely rational. The challenge is therefore not a failure of economics. It is the consequence of strategic incentives.

13    This logic is not unfamiliar to the shipping industry. In many ways, we have witnessed our own version of a Prisoner’s Dilemma through the capacity arms races that have shaped container shipping. Every carrier benefits from a market where capacity growth remains broadly aligned with demand. Yet each carrier also has strong incentives to invest in larger fleets and bigger vessels. If competitors expand while you stand still, you risk losing market share, network coverage and strategic relevance. As a result, every player is incentivised to keep investing. Collectively, the industry can end up with excess capacity and weaker returns. Individually, each decision remains entirely rational. The lesson is a familiar one. Outcomes are often shaped not by the intentions of individual players, but by the incentives facing all players. 

14    For maritime businesses, this fundamentally changes the nature of competitiveness. The question is no longer, “How do we build the most efficient supply chain?” It is, “How do we build one that remains competitive when efficiency is no longer the only objective?” Resilience is no longer merely an operational capability. It has become a strategic one. And that is why resilience is emerging as a new source of competitive advantage.

15    Let me turn to the second game – decarbonisation. 

16    If geopolitics resembles a Prisoner’s Dilemma, then decarbonisation resembles something very different. It is a Stag Hunt.

17    The trilemma here is between three objectives that every one of us supports: Cost. Sustainability. Competitiveness. We all want shipping to decarbonise. But doing so requires significant investments – in green vessels, green fuels, and green infrastructure. These investments raise costs. Yet, passing these costs on can affect competitiveness. 

18    As a result, many players choose to wait for others to move first. Not because they lack ambition. Not because they lack technology. But because they lack confidence that others will move at the same pace.

The Stag Hunt of Maritime Transition

19    This is the logic of the Stag Hunt. The Stag Hunt tells the story of two hunters. Together, they can catch a stag and enjoy a much greater reward. Separately, each can hunt a rabbit. The rabbit is smaller. But it is guaranteed. Everyone prefers the stag. But no one wants to be the only one chasing it.

20    This perfectly captures the green transition. Shipowners hesitate to invest in vessels powered by new fuels unless they know those fuels will be available. Ports hesitate to build bunkering infrastructure unless ships arrive. Fuel producers hesitate to invest in production capacity unless demand is assured. Cargo owners hesitate to pay a premium unless consumers are willing to pay for greener supply chains. Everyone wants the same outcome. Everyone benefits if the ecosystem moves together. Yet everyone fears moving alone.

21    Unlike geopolitics, this is not a problem of conflicting interests. It is a problem of confidence. In a Prisoner’s Dilemma, the solution is to align incentives. In a Stag Hunt, the solution is to build confidence. Leadership, in this context, means reducing uncertainty so that others have the confidence to invest alongside us.

22    The third game is digitalisation.

23    Technology is transforming the maritime sector at a pace few could have imagined just a decade ago. AI can optimise voyage planning. Autonomous systems can improve inspections. Predictive analytics can enhance maintenance. Intelligent port operations can improve productivity. But digitalisation presents a different challenge.

24    The digital trilemma lies between: Interoperability. Security. Agility. Each objective is desirable. Yet each constrains the others. Systems that are highly interoperable and highly secure are often difficult to implement quickly. Systems that prioritise speed and security frequently become closed and proprietary. 

25    Unlike geopolitics and decarbonisation, the challenge here is neither conflicting interests nor a lack of confidence. It is a lack of consensus.

The Battle of the Sexes of Technology Consensus 

26    Digitalisation resembles what game theorists call the Battle of the Sexes. Despite its unusual name, the insight is simple. A couple wants to spend an evening together but cannot agree on what to do. One prefers to watch a boxing match while the other prefers to watch a ballet. The key point is that both would rather spend the evening together than apart. But coordination requires someone to compromise. 

27    Digitalisation presents the same challenge. We agree on the value of electronic bills of lading. We agree on the value of data sharing. We agree on the need for interoperability. The challenge is not convincing industry that digitalisation is worthwhile. It is agreeing on the standards, platforms and protocols we should all adopt collectively. How? And on whose terms?

28    The risk is not that nobody moves. The risk is that everyone moves in different directions. Technology alone will not solve this challenge. Consensus will.

29    Ladies and Gentlemen, the three games we have discussed are fundamentally different. Geopolitics is a Prisoner’s Dilemma. It challenges us to align incentives. Decarbonisation is a Stag Hunt. It challenges us to build confidence. Digitalisation is a Battle of the Sexes. It challenges us to foster consensus. Different games. Different solutions. 

30    But together they point to a common conclusion. The maritime industry can no longer compete through efficiency alone. The world is increasingly shaped by strategic games. So, leadership cannot simply be about making better decisions individually. It must be about creating the conditions that enable others to succeed alongside us.

What is Singapore’s Response? 

31    As a small island nation, Singapore cannot determine the outcome of these global challenges on our own. But we can influence how they are addressed. Singapore's position as a global maritime hub was built on strong foundations — our strategic location, world-class port infrastructure, vibrant maritime ecosystem, and reputation as a trusted and well-connected hub. And for more than six decades, Singapore has created value by connecting markets, upholding trust, investing ahead of demand, and bringing governments, businesses and innovators together. These principles remain as relevant today as they were at the start of our maritime journey.

32    But the world has changed. And so must we. Our ambition is not merely to remain one of the world’s leading maritime hubs. It is to become one of the world’s most trusted and indispensable maritime partners. Because in a world of strategic challenges, the greatest value often comes not from being the biggest player, but from being the player that helps others succeed. And so, our strategy is guided by five priorities. 

33    First, we are investing in resilience as a source of competitiveness.

34    For many years, Singapore earned its reputation through efficiency. That remains fundamental. But resilience has become equally important. Flexibility, optionality and adaptability are no longer costs to be minimised. They are strategic assets. The most successful maritime hubs will not simply move cargo efficiently. They will keep global trade moving when the unexpected happens. We have witnessed this time and again. When major trade routes are disrupted – whether by the blockage of Suez Canal, tensions in the Red Sea or the recent uncertainty in the Strait of Hormuz – global shipping networks come under strain. In such moment, shipping lines often rely on Singapore as a catch-up port: a trusted hub where schedules can be recovered, connections restored and supply chains brought back into rhythm. That ability to help the network recover is no longer just an operational strength. It is a strategic one. 

35    That is why Singapore continues to invest boldly in our future. With an expected annual handling capacity of 65 million TEUs, The Tuas Mega Port is not simply a larger port. It is a next generation port designed with state-of-the-art automation and digital solutions to provide greater scale, speed, flexibility and resilience for the global maritime network.

36    At the same time, we continue strengthening Singapore’s International Maritime Centre across ship finance, insurance, legal services, arbitration and maritime technology. A world-class port attracts maritime businesses. A vibrant maritime ecosystem, in turn, strengthens the competitiveness of the port. Together, they ensure Singapore remains a trusted maritime hub through changing economic cycles and geopolitical uncertainty.

37    Second, we are helping to reduce uncertainty for the green transition.

38    If decarbonisation is a Stag Hunt, then confidence becomes the catalyst for progress. Industry will invest only when it has confidence that others are prepared to invest alongside it. Singapore therefore sees our role not merely as building infrastructure, but as helping to create that confidence. 43. The maritime industry’s commitment to achieving net zero emissions by around 2050 represents one of the most significant transformations in its history. The destination is increasingly clear. What industry needs now is clarity on the pathway. 

39    Singapore remains committed to supporting the industry’s transition. As one of the world’s leading maritime and bunkering hub, we are facilitating trials of alternative marine fuels. We are supporting the electrification of our harbour craft fleet. And we are partnering internationally to develop green and digital shipping corridors, and developing rules and standards that can provide greater certainty to industry. Our objective is not to predict which technology or which fuel will ultimately prevail. Our objective is to create the confidence that enables industry to invest. Because confidence is the catalyst that turns ambition into action.

40    Third, we are strengthening ecosystems, not just infrastructure.

41    The maritime industry has always been an ecosystem. No ship sails without ports. No port succeeds without cargo. No supply chain functions without shipowners, financiers, insurers, technology providers, logistics companies and regulators working together. In the digital age, ecosystems become even more important. Competitive advantage will increasingly come not from individual assets, but from the strength of networks and partnerships. This has always been the philosophy behind Singapore’s International Maritime Centre. Through decades of hard work, we have managed to anchor more than 200 international shipping groups in Singapore, supported by a diverse ecosystem of shipping banks, class societies, P&I clubs, shipbrokers, maritime lawyers and more.  

42    Going forward, we are moving beyond physical connectivity to digital connectivity. We are building the foundations for a more connected and intelligent maritime ecosystem – enabling data to be shared securely, operations to be coordinated seamlessly and decisions to be made with greater speed and precision. Through initiatives like the OCEANS-X and Maritime Digital Twin, we are creating common data exchange platforms that allow industry, researchers and government agencies to collaborate more effectively. Our ambition is not simply to be a place where ships call. It is to be a place where the future of maritime is created.

43    Fourth, we are innovating for the future.

44    Throughout history, maritime has repeatedly reinvented itself. From sail to steam. From breakbulk cargo to containerisation. From manual operations to automation. Innovation has never been an option. It has always been the foundation of competitiveness. That remains true today. Artificial intelligence. Autonomous systems. Advanced robotics. Digital trade documentation. Alternative fuels. These technologies will reshape every part of the maritime value chain.

45    Singapore is therefore investing not only in technology, but in the conditions that enable innovation. We know that innovation rarely happens in isolation. It happens when researchers, entrepreneurs, investors, technology companies and industry practitioners come together to solve real-world problems. Through the Singapore Maritime Institute, we are fostering global partnerships in maritime R&D. Through initiatives like PIER71 and the Smart Port Challenge, we welcome innovators from around the world to develop and test solutions in real operating environments here in Singapore. Through the Maritime Innovation and Technology (MINT) Fund, we support companies to pilot and scale promising technologies. And we continue investing in maritime education, leadership development and workforce transformation. Because technology alone will not transform maritime. People will. Innovation ultimately begins with talent.

46    Fifth, we continue investing in trust as an economic infrastructure.

47    Perhaps Singapore’s greatest competitive advantage has never been geography. It has been trust. Trust that contracts will be honoured. Trust that regulations remain transparent and predictable. Trust that disputes will be resolved fairly. Trust that Singapore provides a stable and reliable platform for international business. In an increasingly fragmented world, trust becomes even more valuable. It reduces uncertainty. It lowers transaction costs. It encourages investment. It enables cooperation between parties that might otherwise hesitate. Trust is not simply a national value. It is a strategic asset. And we will continue investing in it.

48    Ultimately, the story of Maritime Singapore is one of continuous reinvention. For more than six decades, we have adapted to changing technologies, changing markets and changing global realities. Anchored in a clear mission. Driven by innovation. Strengthened by partnerships. And sustained by the people who make it all possible. The next chapter will require us to do the same.

Reimagining the Future: Maritime Singapore Masterplan 

49    To guide our journey, MPA will be developing a Maritime Singapore Masterplan. This industry-wide effort will identify future growth opportunities and strategies to position Maritime Singapore for its next phase of growth. Importantly, it will be co-created with businesses, industry stakeholders and the broader community. Because the future of Maritime Singapore cannot be built by any single organisation acting alone. It must be shaped collectively by the ecosystem that it serves. The Master Plan will provide a long-term roadmap to guide investments, business development, workforce transformation and capability building across the maritime sector.

Maritime is the Business of Reducing Friction 

50    Ladies and Gentlemen. For generations, the maritime industry has connected the world by reducing the friction of distance. Today, with a changing world, we face a different challenge. We must reduce the friction between competing national interests. Between technological possibility and commercial reality. Between individual incentives and collective outcomes. The strategic games I have described show us that many of today’s challenges are not failures. They are the natural consequence of rational players responding to uncertainty. That insight should not discourage us. It should encourage us. Because if these outcomes are shaped by incentives, then they can also be reshaped by leadership. That, I believe, can be Singapore’s enduring role as a global maritime hub. Not merely to compete. But to convene. Not merely to adapt. But to shape the conditions that enable others to succeed.

5 Priorities in a Changing World 

51    And the maritime leaders who will succeed in the years ahead will be those who do the same. Those who invest in resilience. Those who build confidence. Those who strengthen ecosystems. Those who innovate for the future. And those who earn trust. Because when we reduce uncertainty, we unlock investment. When we build confidence, we accelerate transformation. When we strengthen ecosystems, we multiply innovation. When we innovate for the future, we create new possibilities. And when we earn trust, we create the foundation upon which cooperation can flourish. If we can do that, we will not simply navigate the future of maritime. Together, we will shape it.

52    Thank you. 

2.    The vessel has since completed its transit through the Strait of Hormuz and is proceeding on its voyage.

3.    All 21 crew members are safe. There are no Singaporeans onboard.

4.    MPA will continue to remain in close contact with the vessel's management company and provide the necessary assistance.

5.    MPA is deeply concerned about the incident, which was unprovoked, unjustifiable, and a breach of international law.  All actions affecting international shipping must fully comply with international law, in particular the United Nations Convention on the Law of the Sea, and not endanger the safety of seafarers and ships at sea.

2.       The vessel reportedly took on water and subsequently sank. All nine crew members were safely rescued by the Indonesian authorities.

3.       The Maritime and Port Authority of Singapore is issuing navigational broadcasts advising vessels to exercise caution when transiting the area, and to report any sighting of containers adrift.

4.       Vessel traffic in the Straits of Malacca and Singapore remains unaffected.

5.       There are currently no reports of oil pollution in Singapore waters.

6.       MPA has informed the Indonesian authorities and is monitoring the situation.

Distinguished guests,

Ladies and gentlemen,

1             A very good evening. It is good to see so many maritime leaders here tonight. Thank you, John, for your kind words about Singapore. We will continue to do our best. And thank you to INTERCARGO for choosing Singapore as a place to hold your annual assembly, dinner and meetings. I hope to welcome INTERCARGO back more often.

2             Shipping today, we all know, operates in a far more uncertain environment than a few years ago. Trade routes are shifting very quickly, and geopolitical tensions are reshaping cargo flows.

3             Yet, if any sector knows how to navigate uncertainty, it’s shipping. When disruptions happen, ships reroute. Trade patterns adjust. And very often, new opportunities emerge.

4             Industries do not navigate uncertainty by standing still. They move forward by sharing ideas, building partnerships and preparing for what comes next.

5             That is why gatherings like INTERCARGO are important. Just a few weeks back, MPA held its 20th anniversary of the Singapore Maritime Week (SMW). To those who attended SMW, thank you for your support.

Three Little Pigs

6             Let me frame tonight’s remarks through a simple story of the Three Little Pigs.

7             It is a children’s tale, but it carries a powerful message about resilience.

8             The first pig builds his house with straw. It is fast. It is Cheap. It is Efficient.

9             In business, we understand this instinct well – optimise your operations, reduce your waste, cut your costs. Concepts like Just in Time are borne out from this mindset.

10           And for a while, this works well.

11           Until conditions change. First, it was COVID. Then, a subsequent series of trade disruptions. It has exposed how vulnerable such a system can be. With little buffer, even the smallest disruptions can have a huge impact on your business continuity.

12           So, the second pig, in this story, learning from the first, builds his house with wood. It is more balanced. More durable.

13           This is where many companies are operating today — making continuous improvements in efficiency, while also keeping an eye on fleet renewal and risk management.

14           These investments, of course, matter. Because a wooden house can withstand more storms than a straw one.

15           But even wood comes under strain when disruptions become structural rather than one-off.

16           And this is where we must learn from the third pig.

17           Because he builds his house with bricks. It is much harder work. It requires more capital, more time, more manpower, and of course, more risk, but it makes for a stronger house.

18           Because he knows that disruptions will come again, and more frequently.

19           Today, this “big bad wolf”, that will come blow your house down, can take many forms — geopolitical tensions, cybersecurity risks, climate change and technological disruption.

20           The question is no longer whether disruption will come. It is whether we have built a strong enough house to withstand the disruption.

21           For MPA, we believe resilience needs to be built like a strong brick house:

• We need a good solid foundation.
• We need strong reliable materials.
• And most importantly, we need skilled people to build and maintain the house together.
  

Solid Foundation

22           So let me start with the foundation. After all, a house is only as strong as its foundation.

23           In shipping, we believe that the foundation is trust and reliability.

24           Many of you are shipowners and operators. You need the confidence that when you call at a port, things work, that Infrastructure is reliable, regulations are clear, financing and services are accessible. This is even more important in these uncertain times.

25           And I hope that Maritime Singapore has lived up to that expectation, and hopefully, our performance last year also reflects this trust and confidence.

26           Our port recorded a new high of 3.2 billion gross tonnage in vessel arrivals, with bulk carriers accounting for a third. Container throughput reached 44.7 million TEUs, while bunker sales hit a record 56.8 million tonnes.

27           Beyond the port, Singapore continues to grow as an International Maritime Centre, home to more than 200 international shipping groups, with a robust ecosystem of finance, insurance, legal and digital services.

28           For Singapore, what we try to do in this uncertain world is to continue to remain dependable, trusted, neutral, reliable hub for everyone.

Strong Materials

29           But foundations alone are not enough. One lesson from the story of the Three Little Pigs is that the materials we choose to build our house with matter.

30           Resilience today is no longer just about size or scale. Even the biggest house, even if it's made of straw, can be blown down. It is about capability. And increasingly, that capability is driven by technology, innovation and adaptability.

31           If straw represents speed and efficiency, and wood represents risk management, then the brick represents early strategic investments in systems and technologies that will strengthen our long-term competitiveness.

32           Take the energy transition, for example. A few years ago, when we talked about energy transition, we talked about new fuels — it was with the intent of tackling climate change.

33           But the recent developments in the Middle East have reminded us that fuel diversification is also about resilience and energy security.

34           That is why we are positioning Singapore as a multi-fuel bunkering hub.

35           We have made some good progress on methanol bunkering. We completed trials, published technical standards, and issued methanol bunkering licences. We are now doing similar work for ammonia, and others.

36           Nobody can say for certain which fuel pathway will dominate in the long run. Our approach is a practical one. We want to support optionality, enable experimentation, and give, all of you, industry players confidence to move forward.

37           The other area to build capability is in technology. Technology has made shipping more efficient, safer and connected. Technology comes in many forms — digital, AI, robotics. This is an important capability, and an area to invest in.

38           Just a few weeks back, MPA launched OCEANS-X, a digital platform that allows maritime companies to exchange trusted data directly.

39           We are also working with the Singapore Shipping Association (SSA) to support AI adoption in areas like voyage optimisation, predictive maintenance, emissions reporting and safety management.

40           Companies that invest early in these capabilities will be better positioned not just to survive disruption, but to thrive from it.

Skilled People

41           Finally, even the strongest house needs skilled people to build it well.

42           The maritime industry has always been about the people. Its success depends on capable crews, experienced operators, trusted relationships and strong institutions.

43           That is why talent development remains a key priority for MPA.

44           We are working hard with unions, institutes of higher learning, training providers to attract and develop the next generation of maritime talent.

45           Partnerships with organisations like INTERCARGO are also critical. Because regulators and industry we need to stay closely connected during periods of rapid change.

46           INTERCARGO plays a vital role in representing the dry bulk sector, especially as the industry navigates complex regulatory and commercial transitions. Your voice matters to us.

47           MPA is also developing the Maritime Singapore Master Plan. It is an industry-wide blueprint to chart our vision for Maritime Singapore for the next 20 to 30 years. Over the next few months, we will be engaging many of you for feedback. And I hope you will be candid with us. Tell us what is working, what is not, and where Singapore can do better. Because maritime centres, like Singapore, cannot assume that we will stay relevant forever. We will continue to work hard to earn our role as a maritime centre.

Conclusion

48           Let me end with this, because I know I’m standing between you and dinner.

49           The lesson of the Three Little Pigs is not of fear. It is about preparation.

50           Resilience is not built when the storm arrives. It is built beforehand — through reliable solid foundations, strong good materials and skilled people.

51           Shipping has always rewarded those who adapted early. The ports and companies that succeed are rarely those waiting for certainty to arrive, but those willing to invest early, test new ideas, and strengthen relationships before the rest of the market catches up.

52           Singapore intends to be one of those places:

• A trusted foundation for global shipping.
• A place where strong capabilities are built.
• And a place where the future resilience of shipping is shaped together.

53           I hope we can all work together to build this strong brick house for yourself and Maritime Singapore to withstand all these uncertainties ahead of us. With that, I thank you for your attention and I wish you all a very enjoyable evening ahead.

35            Ladies and gentlemen, in closing, let me sum up. The path to maritime decarbonisation will not be simple. But it is a journey this industry is well equipped to undertake.

36            We have weathered storms before — geopolitical, economic, and technological. Each time, shipping has adapted and emerged stronger. With strong foundations, trusted regulation, close partnership, and a steady commitment to safety and excellence, we can turn today’s uncertainty into tomorrow’s opportunity.

37            LNG will have a role in that journey — not in isolation, but as part of a broader multi-fuel ecosystem that must balance environmental ambition, commercial realities, and national interests.

38            This conference is an important platform to advance those conversations and partnerships. I wish you fruitful and insightful discussions, and I look forward to the ideas and collaborations that will emerge.

Ms Elaine Yu, ICS Vice Chairperson, 

Distinguished Guests, ladies and gentlemen.

I am very delighted to join you here today at the second edition of the ICS Shipping Forum. It is wonderful to see such a strong gathering of maritime professionals from various fields, including ship broking, ship operations, chartering, and many others.

2             This week, we have had deep discussions on the situation in the Strait of Hormuz, and its impact on global energy prices and supply chains.

3             But it is not all doom and gloom. We all know that the shipping industry is highly resilient. There have been past economic shocks, but the maritime industry has always emerged stronger through them, become better prepared to overcome future challenges, and more resilient in capturing new opportunities. I am confident that we will adapt and adjust to this crisis as we have always done.

4             It is important that while we deal with the immediate challenges, we also continue to plan for the longer horizon. With this backdrop, I will share MPA’s thoughts on Singapore’s maritime vision as well as ongoing industry transformation efforts.

Driving Forces and Strategic Imperatives

5             Across the globe, digital connectivity, automation, and the AI revolution are rapidly changing the way the world operates, and the maritime industry is similarly impacted. Technology can be leveraged to strengthen the key pillars of shipping, which include high safety standards, protection of the environment, and education and training.

6             In today’s context, the ongoing threats to global oil supplies have sharpened the world’s focus on energy security. The transition towards cleaner fuels should not be viewed solely through the lens of climate change, but also as a means of enhancing energy resilience and diversification and to reduce our overdependence on traditional supply sources.

7             In this regard, cleaner energy solutions, digitalisation, and automation, are not separate or parallel trends, but mutually reinforcing ones. Together they will help strengthen supply chain resilience, improve operational efficiency and safety, and support a more adaptive and sustainable maritime future.

8             That is why MPA’s strategic imperatives will focus on three key areas: one, technology and innovation; two, sustainability; and three, talent.

Technology and Innovation

9             First on technology and innovation. Earlier this week, Deputy Prime Minister Gan Kim Yong launched OCEANS-X. This is a new digital platform developed by MPA that will allow maritime companies and government agencies to exchange trusted data more seamlessly, securely, and directly. This will in turn enable integrated digital services for better service delivery, more efficient port operations, smoother trade flows and stronger connectivity with global ports.

10           Digital transformation is already taking shape in maritime services. In shipbroking, AI is transforming daily operations not as a future concept, but as a present reality. Platforms now automatically match cargo and tonnage. Models extract actionable insights from thousands of market emails, enabling brokers to fix faster and serve their clients better.

11            To drive AI adoption and innovation across the wider maritime sectors, MPA and the Singapore Shipping Association has just signed an MOU to forge stronger partnership in these areas. This initiative is a good platform for companies across the sector to be plugged in to accelerate your firm's digital transformation journey.

12             To further encourage maritime innovation and unlock new opportunities, we also have initiatives such as PIER71, a platform that brings together maritime players and the start-up ecosystem. This is an annual innovation competition to find the best ideas and solutions from technology start-ups to address challenges facing maritime corporates in Singapore.

Sustainability

13           On to the second imperative, sustainability. MPA’s goal is to position Singapore as a multi-fuel bunkering hub. As the world’s largest bunkering hub, Singapore must continue to meet the evolving needs of global shipping, especially as demand for low-carbon fuels grow. In today’s climate, decarbonisation has added urgency to strengthen our overall energy resilience and efforts to diversify fuel options. MPA has issued three methanol bunkering licenses last November, and opened applications for additional licenses to explore LNG as a marine fuel in the Port of Singapore in 2026.

14           We also signed nine Green and Digital Shipping Corridors (GDSC) with like-minded partners, to strengthen collaboration on our sustainability agenda. This week, we renewed our GDSC MOU with the Port of Los Angeles, and the Port of Long Beach for another three years. This renewal reinforces our port’s commitment to decarbonisation and digitalisation along the Trans-Pacific route, one of the world’s busiest container trade lanes.

15           On the shipping side of the house, I am aware that several companies have established sustainability desks. With shipowners increasingly moving into sustainable shipping, brokers must also enhance their expertise and research capabilities to support this. This includes developing specialised knowledge in sustainable shipping data, green vessel brokerage, and establishing dedicated sustainability desks to capture this expanding market segment. If your firm is also exploring the idea of setting up a similar green desk in Singapore, I encourage you to approach my team seated here today. MPA has many programmes that facilitate such developments.

Talent

16          This brings me to MPA’s third strategic imperative, talent. The success of all our technology, innovation, and sustainability related plans and initiatives can only be as strong as the people who drive them.

17           Maritime companies, including shipbroking firms, have been actively tapping on MPA’s Maritime Cluster Fund, specifically the Overseas Attachment scheme. This scheme supports sending local hires or trainees to overseas offices for training. Building on this, MPA recently introduced a new Global Rotation scheme aimed at local middle managers. The objective is to allow local maritime professionals to gain greater exposure to international operations, while building leadership capabilities in multi-cultural environments.

18           MPA will also streamline the requirements of our Management Associate scheme to encourage adoption from a wider group of companies. Through the enhanced scheme, young professionals can undergo structured rotations across different commercial and operational roles to build a broader understanding of the maritime value chain and enable their career progression. These are some of the programmes that we have introduced in response to feedback from companies on how we can support the development of maritime talent in Singapore.

Technology is an enabler

19           What more can we do to develop maritime talent for Singapore? And how can we use technology as enablers for charterers and shipbrokers to perform their work more efficiently and effectively, while also enhancing their professional capabilities and training? These are questions that MPA is working to address. And as I was looking through the programme for the Forum, I was pleased to see that ICS is also encouraging discussions around these themes through panel sessions titled “Chartering Reimagined” and “Next Gen Shipbrokers and Digitalisation".

20           Indeed, there are many opportunities for maritime companies to leverage technology to serve their clients better. For example, shipbrokers today are already tapping on AI to assist with the analysis of chartering opportunities and to improve decision making. Value creation in the future may look even more complex, with considerations such as multi-fuel consumption, carbon emissions, and compliance requirements. In this context, we can all be assured that AI will not replace human judgement, but to enhance our judgment, and enable shipbrokers to operate with greater precision, confidence, and value.

Technology

21           As we talk about AI, we also need to recognise that technology is not only about big transformative changes. It is also about making incremental changes one step at a time. For instance, small tweaks can enhance the delivery of maritime education and training. For maritime professionals who are constantly on the move and cannot commit to lengthy classroom sessions, digitised courses accessible in bite-sized modules could be more effective.

Collaboration is the engine

22           While technology can provide the infrastructure and catalyse change, collaboration is the engine that determines our pace. The more we collaborate, the larger the impact. Journeying with the industry and the workforce will be key to our success.

23           At this juncture, I would like to congratulate ICS on your recent expansion in mandate from ICS Singapore to ICS ASEAN. This is a very important move and will help represent our region better. This is also in line with MPA’s vision of developing Singapore as an education and training hub for global maritime professionals. I am confident that you will continue to make good progress under the ICS-MPA MOU signed last year, and inspire more partners to join us in this endeavour.

Conclusion

24           The programme today reflects many of the themes I have spoken about, from the role of AI in enhancing decision making, to the need for greater resilience in an increasingly complex operating environment. What is particularly encouraging is the focus not just on ideas, but on practical implementation — how technology can be embedded into chartering workflows to manage risk, improve efficiency, and ultimately create commercial value. This underscores Maritime Singapore’s role not just as a hub for trade, but as a platform where industry challenges are actively addressed and solutions are put into practice.

25           Maritime Singapore’s success thus far is the result of decades of trust and tenacity between the government, industry, and the maritime community to move forward despite challenges and adversity. Amidst the uncertainties of today, I hope we will all remain resolute in our goal for growth, and in so doing, keep the world open and moving.

26           Thank you all for your support and I wish all of you a fruitful forum ahead. 

Mr Alexander Prokopakis, IBIA Executive Director,

Captain Rahul Choudhuri, IBIA Regional Board Chair, Asia,

Distinguished guests, and partners in the maritime ecosystem,

A very good evening.

1        It is a privilege to be here with all of you once again. It is wonderful to see so many familiar faces, and to warmly welcome those who have travelled to Singapore for this event. Let me begin by congratulating the IBIA team on bringing us together this evening.

2        Tonight is more than a dinner. It is a moment to recognise a community whose work often happens behind the scenes, but whose impact is felt across the world.

3        More than 80% of global trade is carried by sea. Behind that simple fact lies a vast and complex ecosystem of people, capabilities, and partnerships that keep trade moving every day. And at the heart of that system is a bunkering community that has continued to evolve, strengthen standards, and deliver with professionalism under changing and often difficult conditions.

4        That deserves recognition. Because progress in our industry is never automatic. It is built. It is built through trust. It is built through competence. And above all, it is built through partnership.

5        That is why the work of IBIA matters. Over the years, IBIA has helped shape global standards, whether through the International Maritime Organization or through wider technical standards development. Together with the many stakeholders represented in this room, IBIA has helped strengthen the practices and professional norms that give this industry its credibility.

6        Here in Singapore, those contributions have been meaningful and practical. Through its working groups, committees, regional engagement, and training for bunker surveyors and cargo officers, IBIA has helped raise standards, deepen expertise, and build real capability across our bunkering ecosystem.

7        And that is worth pausing to reflect. Because in shipping, standards are not abstract. They matter only when they shape behaviour, strengthen trust, and improve what happens on the ground, on board, and across the value chain.

8        This is why we are here this evening to commemorate. Shipping has always been an industry defined by dynamism, resilience, and an extraordinary ability to adapt. We have seen real progress in strengthening standards, improving transparency and efficiency, deepening collaboration, and preparing the sector for the future.

9        None of this happens by chance. It happens because leaders step forward. It happens because industry and regulators choose cooperation over complacency. And it happens because there remains, across this ecosystem, a shared belief that trust and credibility must be earned, and then continuously strengthened.

10      Yet even as we celebrate progress, we do so at a time of uncertainty. Developments in the Middle East have added grave concern to global fuel supply chains and introduced fresh uncertainty into bunker markets. Disruptions around the Strait of Hormuz remain an area of concern for maritime trade, and their effects on shipping and fuel markets are being closely watched across the industry.

11      But if there is one industry that understands uncertainty, it is shipping. Shipping has never operated in calm waters for long. It has always had to navigate complexity, absorb shocks, and adjust to forces beyond its control. And that is why resilience is one of this industry’s defining strengths. We are already seeing market participants strengthen contingencies, diversify supply arrangements, and adapt operationally to a changing environment.

12      In Singapore, bunker demand has remained steady. Bunker sales reached about 4.77 million tonnes in March, a 6.6% year-on-year increase. That is encouraging. But it is not a reason for complacency. We remain vigilant, and we will continue to monitor developments closely and assess their implications carefully.

13      Resilience is not only about weathering the disruption of the present. It is also about preparing for the transformation ahead.

14      That is why MPA remains committed to building readiness for a multi-fuel future. In a more complex operating environment, resilience will increasingly depend on diversity: a broader range of marine fuels and energy options, underpinned by clear standards, robust infrastructure, and trusted processes.

15      And we are taking concrete steps to make that future real. In November last year, MPA issued its first methanol bunkering licences, which took effect on 1 January this year. More LNG bunker licences will be issued later this year, following the close of applications in March. At the same time, Technical Reference 56 for LNG is being upgraded into a Singapore Standard, while a technical reference for ammonia is under development. The code of practice for bunker sampling in port is also under review.

16      These are not isolated initiatives. Together, they reflect something larger: a deliberate effort to build a bunkering sector that is not only efficient and competitive, but resilient, trusted, and future-ready.

17      And that is why this year’s Singapore Maritime Week theme, “Actions Meet Ambitions,” is so fitting. Because ambition matters. But in shipping, ambition must be matched by execution. It must be matched by standards, by infrastructure, by capability, and by the discipline to move forward together.

18      The future of maritime energy will not be shaped by aspiration alone. It will be shaped by those who can turn ambition into action, complexity into capability, and uncertainty into preparedness.

19      That is the work before us. And if there is one reason for confidence, it is this: this industry has shown, time and again, that it knows how to adapt, how to collaborate, and how to move forward even in uncertain times.

20      With strong partnerships, steady leadership, and a shared commitment to progress, I am confident that we are well placed not only to navigate the challenges ahead, but to help shape the future of this sector with purpose and with confidence.

Thank you very much, and I wish you all an enjoyable evening.

Distinguished guests.

1        A very good morning to everyone.

2        Let me first thank ASA for inviting me to this wonderful dialogue. This marks the third year that ASA is holding this dialogue in conjunction with Singapore Maritime Week, and I am very heartened by the growing turnout each year.

3        Let me start by asking everyone two questions. Many of you are working in shipping companies. With a quick show of hands:

            a. How many of you have had to reroute vessels in the past few months?

            b. And how many of you have been woken up in the middle of night in recent months, because of sudden developments around the world?

4        Yesterday, we discussed it. We meet at a time of real turmoil. Shipping through the Strait of Hormuz has been severely disrupted, affecting not just energy security and energy supply, but also the supply of fertilisers, helium and other basic commodities. The ripple effects are felt across our everyday life, from food production, manufacturing, to healthcare.

5        Oil prices have surged.

6        And I know many shipowners are grappling with tighter schedules, longer routes, higher costs, and more risk.

7        Today’s theme – “Asia in Action: Delivering on Shipping’s Shared Ambition” –is both timely and very urgent. I especially like the focus on the two words, “Action” and “Ambition”, because it resonates with Singapore Maritime Week’s theme, which is “Actions meet Ambition”.

8        Now, to set an ambition, we must do three things.

            a. First, we need to look back and review.

            b. Then, we need to look around and reflect.

            c. And finally, we need to look forward and redefine.

9        And that is how I will frame my speech today.

10        So, let’s start with history.

11      If you’ve been in shipping long enough, you know that disruption is not new. It’s just part and parcel of the business.

12      To go back in time, from 1967 to 1975, for eight full years the Suez Canal was closed. Eight years. Ships had to travel around the Cape of Good Hope. Journeys got longer. Costs went up. Geopolitics were looming large because of the Cold War.

13      But the industry didn’t stop. Trade didn’t collapse. We pivoted.

14      And when the Suez reopened in 1975, Egypt had already started to build the Sumed pipeline – a bypass for oil from the Red Sea to Mediterranean. VLCCs had become the workhorses for maritime trade, because longer routes made scale more viable and more efficient.

15      So, the constraints didn’t shrink the system. The constraints reshaped the system.

16      Closer to home and at the time, Singapore responded the same way.

17     Longer routes meant that ships needed more fuel and more repairs. So, we built up our bunkering and ship repair capacity. We did not wait for certainty – we built for possibility.

18      We made very bold investments in containerisation through the 1960s. This was before containers took off in the region. We opened the Tanjong Pagar Container Terminal in 1972, and when global container trade picked up in 1975, we were ready.

19      So that’s the pattern. We don’t just survive disruption. We build through it. Even now, amidst global uncertainties, Singapore is pressing ahead with the construction of our 65 million TEU Tuas megaport. We started building it in 2015, and it’s slated to complete in the 2040s.

20      Just a little titbit: I was working in the Ministry of Transport in 2010, and at that time we were planning for Tuas Port. Some 30 years before its completion, we were planning for Tuas Port. That’s a bold bet we’ve made – a project 30 years in the making. But it’s one that we believe will carry Singapore, and the Singapore port, into the future.

21      Besides building ahead, we must be nimble – not just in operations, but also in our mindset.

22      Disruptions are becoming more frequent. COVID. The blockage of Panama Canal. Liberation Day tariffs. And now, the Middle East situation. This is no longer once-off. It’s now part and parcel of our business and a very volatile operating environment.

23      Technology offers a way forward. Many operators are already using AI for route optimisation, fuel planning, and predictive maintenance. Ports are also using it to manage congestion and turnaround times. And that’s what PSA and MPA have been using as well.

24      We’ve also launched the Singapore Maritime Digital Twin: a real-time virtual model of our port to improve risk management and optimise operational planning. We look forward to bringing onboard more partners to work with us, because this digital twin is not just for MPA to use. We are opening it up for industry researchers to build their applications and simulation models, for data to be shared, and where visualisation can be done selectively.

25      We know these tools will not remove uncertainty. But they will help us to respond faster and make better decisions. In this very unpredictable world, that competitive edge makes a difference.

26      Next, let’s reflect on where we are today.

27      In many ways, Asia Pacific is in a very, very strong position.

28      The centre of gravity of the global economy is shifting eastwards. China remains a major export powerhouse. Southeast Asia and India are growing very rapidly.

29      And with this growth comes demand for shipping.

30      Today, Asia accounts for the majority of global seaborne trade – both as a source as well as a destination. With great market power comes great global influence. And this influence works best when it’s coordinated. Like Spiderman says, with great power comes great responsibility. So, this influence works best if it’s used responsibly.

31      And this is what makes platforms like ASA even more important.

32      ASA’s origins date back to 1992. It was a forum at the time, and its ambition was a bit more modest – which was to exchange views. Today, ASA is an association representing the largest, fastest growing market in the world.

33      But there is room to go further. And this is the moment where ASA can take greater leadership – to coordinate and align on regional positions, to speak on policy matters, to shape global regulations and standards, and to promulgate industry best practices and norms. Then, ASA can be an even stronger, more unified voice to represent your members’ interests globally.

34      I’m glad that ASA has chosen Singapore as your base, and is working very closely with other partners here, like the International Chamber of Shipping and ReCAAP Information Sharing Centre. Singapore will continue to support ASA’s growth here, and we hope to remain neutral ground where diverse views can meet and align.

35      Finally, let’s look forward.

36      For history may repeat itself, but the future is for us to define.

37      Let me take you back again to the 1800s when clipper ships stopped in Singapore to replenish their coal. Clipper ships are ships that run on coal. Singapore was also a hub for trading rattan, spices — and something called gutta percha.

38      Have any of you heard of gutta percha?

39      And that is the point I am trying to make here.

40      Because in the 1850s, gutta percha was somewhat a miracle material. It’s a natural latex from Southeast Asian trees. It was the only thing that could insulate underwater telegraph cables at the time. Without it, the first trans-Atlantic cable – the one that let London talk to New York in minutes instead of weeks – would not have existed.

41      In other words – no gutta percha at the time, no global communications. So gutta percha was like the semiconductor chips and GPUs of today.

42      And yet today, almost no one talks about gutta percha. No one has heard of it, because it has been replaced by better materials. Just like clipper ships that ran on coal – they’ve all been replaced by diesel ones. Going forward, who knows, maybe diesel ships will all be replaced by ships that run on greener fuels.

43      So, this is a stark reminder that what is essential today may not be essential tomorrow. And which is why we cannot plan for the future based solely on today’s assumptions.

44      Two major shifts are already underway.

45      First, decarbonisation. Some say that because of the geopolitics, the momentum on decarbonisation has slowed. But the direction, as we’ve heard from the conference yesterday, remains unchanged. In fact, in today’s environment, the transition to cleaner fuels has taken on other considerations, such as strengthening energy resilience and diversifying fuel options. That’s why even amidst all that’s going on, alternative fuels like methanol and ammonia are still being tested and scaled.

46      Second, digitalisation. AI and data are becoming part of our daily operations. Not perfect, but improving fast. In time to come, who knows, autonomous shipping may no longer be science fiction. In today’s context, we’ve been worrying a lot about seafarers in the Gulf. If autonomous sea-going ships were available, could we do a crew change? Sail the ship autonomously across the Gulf without seafarers, and get the seafarers in the Gulf to reboard there? So, some of these ideas are longer-term science fiction, or maybe not – and ideas that we need to think about.

47      Together, these shifts will redefine how we operate, how we train our workforce, how we invest, and how we compete. We won’t have all the answers now, but we need to start asking ourselves the right questions.

48      Because the next disruption may not look like the last one. It may not look like the current one. It may not be a canal closure. It may not be a geopolitical conflict.

49      It could be cyber. It could be climate. It could be something we haven’t even seen.

50      So let me end with this. We have made a lot of maritime puns this week, and I am going to add a few more.

51      A ship at sea cannot control the weather. But what we can do, is control its course.

52      Right now, the weather may be rough. But this industry has sailed through much worse. And each time, it didn’t just recover. It evolved, and it thrived again.

53      In Singapore, we have a saying – do not let a good crisis go to waste. Don’t just ride out this period of uncertainty. Build through it. Invest when it feels uncomfortable. Collaborate when it’s complicated. Speak up when it’s right. And use Asia’s voice to shape what comes next.

54      With that, I thank you for your attention, and I wish you a fruitful and productive day ahead.   

The Maritime and Port Authority of Singapore (MPA) and PSA Singapore (PSA) have launched an Expression of Interest (EOI) to invite proposals to develop and test autonomous inter-gateway container feeder vessel operations within Singapore’s port.

2.        Inter-gateway container feeder vessels move containers between terminals within the Port of Singapore (e.g. between Tuas and Pasir Panjang terminals), playing a crucial role in daily port operations. As vessel traffic grows, it is important to ensure that such movements are conducted efficiently, safely, and reliably.

3.        The EOI is part of MPA and PSA’s efforts to explore autonomous technologies and assess their technological readiness, operational feasibility, and safety for use in port operations. The inter-gateway context provides an operationally rigorous environment to assess productivity, safety, and sustainability benefits. As autonomous capabilities advance, they are also expected to create new career opportunities, such as in remote vessel monitoring and operations, autonomous systems engineering, maritime data analytics, and specialised technical maintenance roles.

4.        The EOI also includes plans for a remote operations centre, where information from vessels’ sensors and port traffic data will be integrated to enable real-time monitoring and timely intervention. This will form part of the core safety and assurance system for autonomous operations.

5.        Applicants are expected to address several key considerations in their proposals, such as navigational safety, interaction with manned vessels, traffic management, system redundancy, cybersecurity, human-machine interfaces, and regulatory compliance. Proposals should articulate the operational limits, technological readiness, and risk mitigation measures relevant to inter-gateway deployment. Proposals must also include viable business models, and ensure that their solutions meet PSA’s operational and integration requirements.

6.        Interested parties are invited to submit their proposals by 24 July 2026, 12.00 PM. Further information and submission guidelines are available at the MPA website.