We refer to your articles After U.S.-Iran War, Oman Said to Propose Hormuz Fee Plan published in The New York Times (30 June) and US ally proposes teaming up with Iran to charge Strait of Hormuz toll — despite strong opposition published in New York Post (30 June) on proposals relating to transit through the Strait of Hormuz, which made reference to the Straits of Malacca and Singapore (SOMS) as a point of comparison.

While we note that the references were attributed to statements made by various officials, they were not entirely accurate, and there is opportunity to give your readers a clearer understanding of the legal framework governing Straits Used for International Navigation (SUINs). We therefore wish to clarify and provide additional context for your consideration. To facilitate an update, we have highlighted below the key factual points that we hope may be reflected in the relevant portions of the article:

"Under the United Nations Convention on the Law of the Sea (UNCLOS) and customary international law, the right of transit passage through SUINs is a right enjoyed by all ships and cannot be impeded. Like the Strait of Hormuz, the Straits of Malacca and Singapore (SOMS) is a SUIN. Accordingly, the three littoral States of Indonesia, Malaysia and Singapore do not impose fees, tolls, or any form of payment on ships exercising their right of transit passage through the SOMS.

It is also helpful if the references to the Cooperative Mechanism and the Aids to Navigation Fund (ANF) could also be described along the following lines:

"The Cooperative Mechanism, established by the three littoral States, supports navigational safety and environmental protection in the SOMS. Its Aids to Navigation Fund is supported through voluntary financial contributions from non-profit organisations such as The Nippon Foundation and the International Foundation for Aids to Navigation, as well as industry stakeholders and States with an interest in the safe and efficient use of the Straits.", and that

"The Aids to Navigation Fund is administered by a committee comprising representatives from the three littoral States and the contributors. These voluntary financial contributions are used to support the provision and maintenance of critical navigational aids in the SOMS. Importantly, they are entirely separate from the exercise of transit passage and should not be misconstrued as fees, tolls or payment imposed on transiting ships".

Given the importance of ensuring that readers receive an accurate account of the legal regime governing the SOMS, we would appreciate it if you could update the relevant portions of the article to reflect these facts.

1.    Good afternoon. Today, we join the International Hydrographic Organization (IHO) and its member States around the world to celebrate the World Hydrography Day, observed annually on June 21 since 2006. For twenty years, this day has reminded us of the vital role that hydrography plays in ensuring safe navigation, protecting our marine environment, and supporting the blue economy that so many of us depend on.

2.    Hydrography holds a special place in my heart. My first posting as a young officer in the Ministry of Foreign Affairs was on the Indonesia desk, before I went on to serve as First Secretary in Jakarta. I had witnessed the importance of hydrography, through the negotiations with Indonesia over our western boundaries.

Importance of Hydrography

3.    As a maritime nation, Singapore has always recognised the importance of being a part of international maritime networks. We were formalised as a member State of the IHO on 1 July 1972, shortly after Singapore’s first dedicated container terminal, Tanjong Pagar Terminal, opened on 23 June that year. 

4.    Tanjong Pagar Terminal was the first container terminal built in Southeast Asia, and signalled Singapore’s bold ambition to be a global hub port. This meant that Singapore had to be prepared to support a growing fleet of larger and deeper draft vessels, and needed to build confidence in the maritime industry by demonstrating that the navigational routes into the Port of Singapore and its anchorages were safe and efficient for vessels.  As Singapore’s National Hydrographic Office, this mission still stands true for MPA today. 
 
5.    Being part of the IHO provides Singapore a credible voice at an international forum to influence and lead the development of hydrographic standards and exercise our thought leadership.  We have achieved this by playing active roles at the IHO Assembly, Council, strategic committees, working groups and regionally at the East Asia Hydrographic Commission (EAHC).   

6.    I wish to thank all hydrographic staff both former and present, including our other distinguished guests, for your immense contributions to Singapore’s hydrographic journey.  

Recognising Those Who Charted the Way

7.    In particular, I would like to highlight our former Chief Hydrographers amongst many others who had made notable contributions to Singapore:

Capt Wilson Chua

(i)    Capt Wilson Chua was our first Singaporean Chief Hydrographer, and the “start-up entrepreneur” of the Hydrographic Department under the former Port of Singapore Authority.  Under his charge, he oversaw the modernisation of hydrographic surveys from manual sextant angling to electronic positioning systems like the Trisponder and PolarFix.  He also supported and drove digitalisation efforts, by moving from hand drawn paper chart production to computer-based systems like CIHOS (Computer Integrated Hydrographic Operating Systems).  
(ii)    Under Capt Chua, we were able to work with Malaysia on the joint hydrographic survey in the East and West Johor Straits. This then enabled Singapore and Malaysia to conclude and sign the 1995 Singapore-Johor Boundary Agreement, which laid the basis for precise and permanent boundaries.
(iii)    Capt Chua was also actively involved in ensuring Singapore’s contribution to the Four Nations Joint Survey in the Straits of Malacca and Singapore which resulted in the production of Common Datum Charts based on the international World Geodetic System (WGS) datum.  

8.    The next person I wish to highlight is:  

Dr. Parry Oei

(i)    Carrying on Capt Chua’s legacy, Dr Parry’s foresight brought Hydrography to greater heights with the implementation of modern survey technologies.  The single beam echo sounder was replaced with the multibeam survey system which allowed 100% seabed coverage and 3D visualisation, use of satellite-based GPS positioning, and the move from paper charts to Electronic Navigational Charts (ENCs), which support the use of Electronic Chart Display and Information System (ECDIS).   
(ii)    Under Dr Parry’s watch, hydrography supported the successful international boundary delimitations between Singapore and Indonesia, as well as the 2008 International Court of Justice ruling, where the sovereignty of Pedra Branca was awarded to Singapore.
(iii)    On the international front, Dr Parry was active and led at the IHO and EAHC fora, and more recently Co-Chairing the United Nations-Global Geospatial Information Management - IHO Joint Working Group on Marine Geospatial Information.  He is driven by his deep passion for the protection of the marine environment and its impact to people’s lives.   
(iv)    In recognition of his contributions, we are proud that the IHO awarded Dr Parry with its highest honour in April this year – the Prince Albert I Medal for Hydrography. Today, Dr Parry continues to serve as Advisor (Hydrographic) at MPA.

9.    Of course, we also have Mr Thai Low Ying-Huang, our third Chief Hydrographer. Unfortunately, he is overseas and cannot be with us today. Building on the work of Capt Chua and Dr Parry, Thai Low brought hydrography into its next phase of digitalisation. He began our unmanned journey, through the use of unmanned surface vehicles, and led our early trials of the S-100 framework with our partners.  
 
10.    To Capt Chua, Dr Parry, and our many other veterans who have joined us here today – thank you for your leadership and contributions to Singapore’s hydrographic landscape, which have built a foundation the world trusts.

Future of Hydrography

11.    As we trace the journey of Singapore’s Hydrographic Office, one thing stands out: the value of embracing digital transformation early, sometimes even before it becomes an industry standard. That same spirit is reflected in this year’s World Hydrography Day theme “Transforming How Ocean Data is Shared”, as we push towards interoperable digital data standards, particularly through the IHO’s S-100 framework. 

12.    Singapore has long been an early mover in digital adoption and transformation. We were one of the first Hydrographic Offices in the world to produce large-scale ENCs for navigation, and I am confident we can move just as decisively on S-100. But speed will depend on partnership — working hand in hand with our research partners and government agencies to accelerate adoption and make the transition seamless for the maritime community we serve.

13.    Just as important is grooming the current and next generation of hydrographers, together with our institutes of higher learning. To the current and future generations – you are the custodians of this trust.  As the IHO transforms how ocean data and marine data is shared globally using the S-100 framework, I look to you to continue leading the way, harnessing technology with creativity, combining experience and expertise to bring Singapore’s hydrography to the next level.  

Closing

14.    For a nation closely tied to its ports and surrounding waters, hydrography is nothing less than foundational. Beyond its importance, it is also a field of fascination: where the science of mapping unseen seabed meets cutting-edge technology, and where each survey reveals a little more of a world that few ever see. 

15.    Thank you all for your dedication to Singapore, and to the maritime community. Wishing you a Happy World Hydrography Day!

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.