2.    MPA’s aerial surveillance subsequently confirmed several patches of oil off Pulau Sebarok, Pulau Semakau and Selat Pauh. During the aerial surveillance, there were no sightings of oil patches near West Coast, Sentosa, Southern Islands and East Coast. 

3.    MPA has activated its oil spill response contractors. Terminals in the area have also been directed to deploy their spill response resources.

4.    Relevant agencies have been alerted to take precautionary measures to protect the shorelines, if necessary. Ships in port have also been alerted to report any sightings of oil patches.

5.    There is no impact to navigational traffic and port operations.

6.    MPA is continuing with surveillance, working with agencies and terminals to mitigate and clean up the oil patches, and investigating the source of the oil.

Samuel McSkimming, CEO of Pilbara Ports, 

The Venerable Dr Peter Rouch, Secretary-General of The Mission to Seafarers,

Fellow colleagues from the Port Authorities Roundtable, 

1    A very good morning. 

2    Let me first say what an honour it is for us to be here today. We were very pleased to host Minister Dawson in Singapore last year, and we are glad to meet him again, this time in Perth. 

3    We are also honoured, as an international community, to gather here for PAR this year. As your guests, we at MPA would like to acknowledge the Traditional Owners of these beautiful lands and waters, and pay our respects to their Elders past and present.  

4    I would also like to thank Sam and the Pilbara Ports team for their warm hospitality and excellent arrangements for this year's meeting. 

5    With 22 port authorities from around the world gathered today, PAR continues to bring together global port leaders to share insights, strengthen partnerships and address common challenges together.

• This year's gathering brings together longstanding partners and new participants. 
• A special welcome to our first-time participants from five Australian ports – Fremantle, Kimberley, Mid West, Ports Victoria and Southern Ports. We are delighted to have you join us. 

Theme of PAR2026

6    MPA initiated PAR in 2015 as a forum to share experiences. Since then, PAR has grown into a close network of port authorities. We no longer just exchange ideas; we work together on practical projects to tackle shared challenges.

7    This year's theme, "The commitment of global ports to cooperation, coordination and collective action", is particularly relevant. Our ports are closely connected through global trade and supply chains. Disruptions and changes in one part of the world can have implications elsewhere quickly. This calls for closer coordination and common approaches where we can strengthen not just our individual ports, but the resilience of the global maritime network as a whole.

8    One of PAR's strengths is the opportunity for port leaders with different experiences and perspectives to have open and candid discussions. These exchanges have helped us build trust, learn from one another and identify common priorities.

Advancing Collaboration Through PAR

9    I am glad that PAR has made progress in turning these discussions into concrete outcomes. 

• In 2024, we established two working groups on Port-to-Port Data Exchange and the Safe Handling of Alternative Fuels. Both groups have since developed practical outputs through the active contributions of the member ports.
• We will hear more about their work later today. I thank all members for their contributions, and look forward to discussing how we can build on these efforts and encourage wider adoption of these outcomes globally.

10    As PAR enters its second decade, we have an opportunity to build on the trust and partnerships established over the years and take our collaboration further into meaningful collective action.

11    So, on behalf of MPA, thank you once again for being here today. We look forward to the fruitful discussions ahead, an exciting visit to Port Hedland on Friday, and many more years of close partnership.

12    Thank you.

2.    Good morning. It is a pleasure to join you at the Maritime Traffic Safety Forum.

The Tragedy of the Commons

3.    More than half a century ago, ecologist Garrett Hardin popularised the concept of the Tragedy of the Commons.

4.    The idea is simple. When people share a common resource, each has an incentive to maximise their own benefit. But if everyone acts only in their own interest, they risk undermining the very resource they all depend on.

5.    The oceans are among the world's great commons. Ships compete for business, but share the same waterways. They depend on common rules and infrastructure to operate safely.

6.    Yet keeping the seas safe requires collective action. And collective action is not always easy.

7.    There are three reasons for this: divided authority, misaligned incentives and unequal burdens.

8.    These give rise to three tensions I would like to explore today.

First: National Interests vs Global Commons

9.    Let me begin with the first tension: National Interests versus Global Commons.

10.    Freedom of navigation is fundamental to global trade. But keeping waterways safe and open comes at a cost. Navigational aids must be maintained. Vessel traffic must be managed. And emergencies must be responded to.

11.    Much of this responsibility falls on coastal states, even though the benefits are enjoyed by the wider maritime community.

12.    Recent developments in the Strait of Hormuz, including proposals for tolls or fees imposed on transiting vessels, have brought this issue into sharper focus. 

13.    These proposals have raised serious concerns because they are inconsistent with international law. Under the United Nations Convention on the Law of the Sea (UNCLOS), and as reflected in customary international law, all ships and aircraft enjoy the right of unimpeded transit passage through Straits Used for International Navigation.

14.    No tolls, charges or levies should therefore be imposed on vessels transiting such straits, including the Strait of Hormuz.

15.    For the Straits of Malacca and Singapore, or SOMS, the three littoral states — Singapore, Malaysia and Indonesia — remain committed to keeping the SOMS open and safe for international shipping, in accordance with international law. We have long held that the right of transit passage must be upheld in both principle and practice. Vessels therefore transit the SOMS without fees or compulsory pilotage.

16.    How, then, do the three littoral states work with user states and industry to share the burden of safeguarding one of the world’s busiest waterways?

17.    One way is the Co-operative Mechanism on Safety of Navigation and Environmental Protection in the Straits of Malacca and Singapore, established by the three littoral states in 2007. For the first time, it gave practical effect to the spirit and intent of Article 43 of UNCLOS.

18.    Through its various components, user states and industry can contribute expertise and voluntary funding to improve navigational safety and environmental protection in the straits.

19.    The same principle applies to piracy and armed robbery against ships: the threats cross borders, but enforcement powers remain largely national.

20.    Singapore hosts the ReCAAP Information Sharing Centre and the Information Fusion Centre, which enable countries to share information and strengthen their responses. It is another example of how cooperation helps overcome the limits of national jurisdiction.

21.    Our jurisdictions may be national. But the benefits of safe and open seas are shared. So too must be the responsibility to safeguard them.

Second: Private Incentives vs Public Risks

22.    This brings me to the second tension: Private Incentives versus Public Risks.

23.    Shipping is a competitive industry. Companies face constant pressure to cut costs and improve efficiency. But problems arise when one party enjoys the benefits of a decision, while others bear the risks.

24.    Container fires are a good example.

25.    According to industry figures cited in Allianz Commercial's 2026 Safety and Shipping Review, a container ship fire occurs somewhere in the world approximately every 17 days.

26.    One contributing risk is misdeclared or improperly packed dangerous goods. A shipper may save money by avoiding additional handling requirements. But if a fire breaks out, it is the crew, shipowner and potentially the port that bear the consequences.

27.    Singapore has experienced these risks firsthand.

28.    On 10 April this year, a fire broke out among containers on board the EVER LENIENT, berthed at our Pasir Panjang Terminal.

29.    Our emergency responders worked through the night. The Singapore Civil Defence Force led the firefighting, supported by PSA and MPA. We deployed patrol craft to secure the surrounding waters and drones for aerial surveillance.

30.    The fire was extinguished the following day. Thankfully, there were no reported injuries or oil pollution. Port operations continued without disruption.

31.    The cause of the fire has not been publicly established. But the incident reminds us that cargo risks do not stop at the ship's rail.

32.    As a major transshipment hub, Singapore handles cargo packed and declared by parties far beyond our shores. Yet when something goes wrong, we may have to deal with the consequences.

33.    The gains from cutting corners may be private. But the risks are shared.

34.    Container safety must therefore begin further upstream, with accurate cargo declarations, proper packing and greater accountability across the supply chain.

35.    We need better information sharing, stronger enforcement and closer cooperation among shippers, freight forwarders, shipping lines, terminal operators and regulators.

36.    Efficiency should never come at the expense of someone else's safety.

37.    My third tension is the reverse of the second: Individual Costs versus Collective Benefits.

38.    Sometimes, we are called upon to bear costs not because we have created risks for others, but because others need our help.

39.    Search and rescue illustrates this well. A vessel responding to a distress call may face delays, additional costs and operational risks. Yet every seafarer depends on others being prepared to come to their aid.

40.    We saw this recently.

41.    On 22 September this year, Singapore's Maritime Rescue Coordination Centre received a distress alert from Liberia-registered container vessel MSC HERMES III, which experienced water ingress within Singapore's Maritime Search and Rescue Region. 

42.    Our officers called for nearby vessels to assist. Three responded. One of them rescued all 25 crew members who had abandoned their vessel in a lifeboat. We then worked with our Vietnamese counterparts to facilitate their safe return to shore.

43.    Just days earlier, on 17 September, there was a collision between China-registered fishing vessel Lu Qing Yuan Yu and a bulk carrier in the Singapore Strait. The fishing vessel took on water but remained afloat. The Singapore Civil Defence Force helped transfer crew members ashore, while MPA escorted the vessel as it was towed into port. Thankfully, no injuries were reported.

44.    These incidents show maritime cooperation in action. Singapore coordinated the response. Vessels and rescue agencies came to the aid of those in need, regardless of nationality or flag.

45.    Such operations also come at a cost to Singapore. We maintain a round-the-clock Maritime Rescue Coordination Centre, deploy personnel and assets, and work with neighbouring countries to coordinate rescues. 

46.    Since 2025, the Centre has coordinated over 30 operations in Singapore’s Maritime Search and Rescue Region. The Centre is also responsible for coordinating helicopter medical evacuations for critically ill seafarers and passengers on vessels within the Region. All these require resources, even when the vessels and seafarers involved are not Singaporean.

47.    But Singapore remains committed to doing our part and fulfilling our international responsibilities.

48.    No shipowner expects to need rescuing. No seafarer begins a voyage expecting to be in distress. But should the worst happen, everyone hopes that another vessel or coastal state will come to their aid.

49.    We all benefit from a system in which others are prepared to help us. But that system only works if we are equally prepared to help others.

50.    The costs of providing assistance may fall on individual vessels and coastal states. But the benefits belong to the entire maritime community.

Closing: Keeping the Commons Safe

51.    Let me return to the tragedy of the commons.

52.    We have seen three tensions today that we must overcome to keep the maritime commons safe.

53.    National Interests versus Global Commons. We need international rules and cooperation to safeguard shipping.

54.    Private Incentives versus Public Risks. We must ensure that commercial decisions do not put others at risk.

55.    Individual Costs versus Collective Benefits. We must be prepared to contribute to a system that benefits us all.

56.    Keeping the maritime commons safe requires more than looking after our own interests. It requires us to look out for one another.

57.    We may compete for business. But when it comes to maritime safety, we must succeed together.

58.    Let me conclude with a few words in Chinese.

59.     维护海上安全，需要我们在三个方面凝聚共识、共同努力。

60.    第一，共守规则，共护航道。航道连接各国，也服务全球航运。保障航道安全畅通，离不开国际规则与合作。

61.    第二，共担责任，共防风险。航运环环相扣，企业在追求效率的同时，也需要考虑可能给整个航运链条带来的风险。因此，无论是准确申报，还是规范操作，都需要大家共同承担责任。

62.    第三，共伸援手，共享安全。海上遇险时，任何船舶都可能需要帮助。相互援助，也让海上的每一份安全多一份保障。

63.    海域有界，安全无界。我们共享同一片海洋，也共担同一份责任。

64.    谢谢大家。Thank you.

Professor Lynn Loo, Chief Executive Officer, GCMD, 

Ms. Quah Ley Hoon, my esteemed predecessor and former Chief Executive of MPA, 

Distinguished guests, 

Industry partners, 

Ladies and Gentlemen, 

1    A very good evening.

2    I am pleased to join you tonight as we celebrate GCMD’s fifth anniversary.

3    Five years ago, MPA and six Founding Partners set up GCMD to answer a difficult question: how do we turn our decarbonisation ambition into solutions that work across the world’s seas, ports, and supply chains?

4    At the time, new fuels were largely untested, industry targets were only beginning to take shape, and few knew where to start. GCMD was created to help the industry find its way. 

5    As GCMD marks its first five years, let me make three points: adoption, trust and partnership. 

• Adoption – how GCMD has narrowed the gap between developing solutions and adopting them. 
• Trust – how GCMD’s role in building trust will become more important in the years ahead. 
• Partnership – why GCMD’s continued success will depend on all of us. 

From pilots to practical solutions

6    First, adoption. The industry does not lack promising solutions. It lacks answers to the practical questions every shipowner asks before committing: Is it safe? Does it work under real operating conditions? What must change for it to scale? 

7    These are the hardest questions to answer, and GCMD has made them its work. In doing so, it has become a beacon for the industry, showing where it can move forward with confidence.

8    One example is ammonia. It is a promising fuel, but also a toxic one, so GCMD started with safety. Its studies laid the groundwork for ammonia bunkering in Singapore, and we look forward to a successful trial in time to come.  

9    Another is biofuels. Proving that ships can bunker and run on biofuel was only the start. The harder question was whether buyers could rely on what they received: the right quantity, the right quality and the emission reductions promised. 

10    GCMD’s trials on biofuels tackled exactly that, and its findings on fuel quality have helped shape Singapore’s Technical Reference 140 for marine biofuel.

11    Sometimes the hurdle is financial rather than technical. So GCMD brought together Singapore, Asian and international financial institutions to set up the Fund for Energy Efficiency Technologies, or FEET.

12    This 35 million US Dollars fund helps shipowners overcome the cost barriers that have long held back the adoption of energy efficiency technologies.

13    These examples reflect the philosophy and important contributions of GCMD: taking on problems no single company can solve alone, bringing the right partners together, and generating evidence the wider industry can use.

From working solutions to trusted solutions 

14    This brings me to my second point: trust. 

15    As new fuels and technologies scale up, it will no longer be enough to know that a solution works. We will also need confidence in the emissions reductions it actually delivers.

16    That is why measurement, reporting and verification, or MRV, will grow in importance.

17    We welcome GCMD’s plan to embed MRV more deeply in its pilots, and to make emissions reductions consistent and comparable across different pathways.

18    This matters for Singapore too. As we build a trusted hub for alternative marine fuels, we will need robust systems that give shipowners, fuel suppliers and other stakeholders confidence in the fuels and solutions they adopt.

19    Certification schemes will remain important, but real-world data and robust MRV can show that emissions reductions are delivered in practice, not just on paper. 

Taking the next step together

20    My final point is about partnership. 

21    MPA has long been a partner and supporter of GCMD. This spirit of partnership runs across the wider shipping industry. At a recent event, a former leader of a major international shipping organisation remarked that our industry is unique in how actively and closely it works together to create solutions, unlike any other sector he has seen in his career. I could not agree more. 

22    GCMD embodies this, bringing industry partners together to develop common solutions to shared challenges. This is reflected in GCMD’s network of over 140 partners at the centre and project levels.

23    GCMD’s first-of-a-kind projects also bring together all parties across the value chain to find practical solutions to problems no one has faced before.

24    That willingness to work through the unknown has brought us this far, and it will carry us into the next chapter.

25    But this next chapter will need many more hands. With maritime decarbonisation facing greater uncertainty and stronger headwinds, collaboration and pragmatism matter more than ever.

26    So, my call tonight is simple: step forward.

27    Bring your hardest problems to GCMD. Participate in the trials. Share the risks, the data and the evidence. And help carry solutions from demonstration to adoption.

28    Better still, join GCMD as a partner. Partnerships come in many forms, from strategic and impact partners to coalition and programme partners. Whatever your capacity, there is a place for you.

29    Let me also thank PSA, a strategic partner of GCMD, for providing tonight’s venue.

30    In closing, our success will not be measured by how many pilots we run, but by how many become solutions the industry can adopt with confidence, at scale.

31    Congratulations to Lynn and the GCMD team, the Founding Partners, and everyone who has been part of GCMD’s journey over the past five years.

32    MPA looks forward to continuing this partnership, and to seeing GCMD push the boundaries once again in the next five years.

33    Thank you.

Mr Kitack Lim, Secretary-General Emeritus of the International Maritime Organization, or IMO, 

Distinguished guests,

Ladies and gentlemen,

1    Good evening. A very warm welcome to the SIBCON Speakers’ Dinner, especially to our overseas guests who have travelled to join us.  

2    This dinner is a long-standing tradition. It is our opportunity to thank you, our speakers and Steering Committee members, for your time, expertise and perspectives. 

3     This year marks the 24th edition of SIBCON. Since its inception in 1988, SIBCON has had two enduring strengths. 

4    The first is the quality and diversity of our community. This week, we expect over 2000 participants from more than 60 countries, including leaders from shipping, energy, bunkering and the wider maritime ecosystem. They bring the perspectives needed to turn discussion into practical and real solutions. 

5     The second is its ability to evolve alongside Singapore’s growth as the world’s leading bunkering hub. Over the years, the industry has progressed from conventional marine fuels to LNG, biofuels, methanol, ethanol and ammonia, and potentially hydrogen in the future. Bunkering operations have also advanced, with stronger standards, greater transparency and closer collaboration with industry.

6    Throughout these changes, SIBCON has remained an important platform for the global bunkering community to exchange views and shape its next steps.

7    That role matters more than ever this year. Our theme, “Charting a Resilient Multi-Fuel Future”, comes at a time of uncertainty. Fuel and technology pathways are maturing at different speeds, with no clear winning solution. Global regulations also remain unsettled, making it difficult for industry players to make long-term investments. 

8    This makes it all the more important for stakeholders across the maritime and energy value chains to come together, learn from one another and chart a way forward.

9    This evening, we are very privileged to have with us Mr Kitack Lim, Secretary-General Emeritus of the IMO. During his tenure as IMO Secretary-General, Mr Lim played a pivotal role in building international consensus for the adoption of the landmark 2023 IMO GHG Strategy, which sets the ambition for international shipping to achieve net-zero GHG emissions by or around 2050. The Strategy has laid an important foundation for the maritime industry's transition towards cleaner and alternative fuels. 

10    Mr Kitack Lim also contributed to many other areas, including improving seafarer welfare and safety across the shipping industry, and pushing the industry towards greater digitalisation, connectivity and data exchange. All of these laid the foundations for the growth of shipping and the global bunkering industry. Mr Lim, thank you for all that you have done for the maritime community.

11    And to all of you, thank you once again for your contributions to SIBCON 2026. I wish everyone an enjoyable evening and a productive conference.

12    It is now my pleasure to invite Mr Kitack Lim to share his reflections.

Distinguished guests, Ladies and Gentlemen,
 

1.    A very good evening. 

2.    We have come to the end of the SRS Forum 2026. I hope today has given us time to reflect on how far the Singapore Registry of Ships (SRS) has come, and a clearer sense of where we want to take it next.

3.    Let me extend my most sincere appreciation to all of you for joining us as we celeberate the Registry’s 60th anniversary, and for your steadfast support over the years.  

4.    I want to thank four groups in particular: 

a.     First, our pioneers, who believed in a young registry in a young nation, and laid the foundation for all that followed. 

b.     Second, our shipping partners and tripartite partners. Your unwavering faith and support have helped build the SRS into one of the world’s leading quality flags. 

c.    Third, the generations of public officers who have served the Registry and our fleet with utmost dedication and professionalism. 

d.    Fourth, but most importantly, our seafarers, for your tireless dedication and professionalism which contributed to the success of the Singapore flag.  

Success by Design

5.    Sixty years ago, there was no guarantee that the Singapore flag would become what it is today. We were a small country. We had no long history as an independent maritime nation. Nor did we have an established registry to which shipowners would naturally turn.

6.    What we had was a conviction: that a small nation could build a registry trusted by shipowners around the world. Our pioneers set out to win that trust – one shipowner, one vessel, and one partnership at a time.

7.    That trust can never be taken for granted. It had to be earned and re-earned, over the decades. We did so through a steadfast commitment to high standards, to being consistent and dependable, and to tackling difficult issues together rather than taking the easier path.

8.    The seas ahead will test all of us in new ways. And as your partner, MPA promises to uphold three key attributes in the journey ahead.  

Trust, Technical Excellence and Tripartism

9.    First, trust. This matters even more today. In a divided world, trust is in short supply, and many countries are turning inwards. At such a time, a flag that is steady, even-handed and predictable becomes all the more valuable. 

a.     Shipowners must trust that their flag will stand by them, especially in a crisis. 

b.    Seafarers must trust that their safety, welfare and rights will be secured, as voyages become more dangerous. 
c.    Our international partners must trust that Singapore will continue to uphold its duties as a flag State, even as international norms come under strain.  

10.    For MPA, this means sustaining our role as a credible and responsive maritime administration. So, we will continue to listen to industry, understand the challenges you face, and be prepared to work alongside you – while holding firm to the standards expected of the Singapore flag. 

11.    Second, technical excellence. Technical excellence has brought us very far as a credible flag, but moving ahead, there will continue to be new challenges as the industry is facing new transformation and shifts, such as greater digitalisation and new alternative fuels that we must tackle together. 

12.    On that front, MPA remains fully committed to working with you to make sure our standards are clearly understood and upheld, so that SRS vessels can call at any port without issue and continue to fly the flag high. Together, we will keep the SRS at the highest standards globally.

13.    Third, tripartism. MPA is a regulator, and we cannot be a credible flag on our own, without the support of our industry partners and our unions. Tripartism has brought Singapore far as a nation, and it is an important value of the Singapore flag.

14.    So, on behalf of MPA and the SRS, thank you once again to everyone who has been part of our journey, whether for decades or only recently. Thank you for your continued trust in the Singapore flag and we look forward to many more years of win-win partnership as we build a fleet that is high quality, reliable and at the forefront of new fuels and technologies. 

15.    On that note, I wish all of you a pleasant weekend ahead. 

2. MRCC Singapore immediately issued a broadcast requesting vessels in the vicinity to render assistance. Three vessels responded, and MSC RUBY recovered all 25 crew members after they had abandoned MSC HERMES III in a lifeboat. All 25 crew members are safe, with no injuries reported. 

3. MRCC Singapore is coordinating with the Vietnamese MRCC on arrangements for the rescued crew members to return safely to shore.

Dr. Saunak Rai, Chairperson of the 10th Clean Marine Fuel Forum,

Mr. Laurence Odfjell, Chair of the Board of Directors of Odfjell, 

Distinguished guests, ladies and gentlemen, 

Introduction

1.    Good morning. My sincere gratitude to the Norwegian Embassy and organisers for inviting me to speak at the 10th edition of the Clean Marine Fuel Forum. 

2.    Ten years of this Forum marks an important milestone and reflects our sustained efforts to advance clean marine fuels across the industry. It is difficult to predict how the transition will unfold in the years ahead. But conversations like today’s remain important as we work to keep global shipping on track to achieve net-zero carbon emissions by or around 2050. 

3.    As earlier speakers have reminded us, climate change does not wait for the world to find its footing. Nor does it pause while geopolitical events or uncertainties play out. We must press ahead regardless.   

4.    MPA will therefore keep working closely with industry and our partners to tackle the challenges of decarbonisation and move shipping towards a cleaner, greener future.

The Regulatory Challenges faced by the Maritime Industry

5.    In particular, there are two key challenges we need to tackle together. The first is the risk of an increasingly fragmented regulatory landscape. The second is closing the gap between clean fuel ambition and commercial deployment. 

Global and regional regulatory measures

6.    Let me start with the first challenge – the risk of a more fragmented regulatory landscape.  

7.    In 2023, the IMO adopted its Strategy on Reduction of Greenhouse Gas Emissions from Ships. This was a watershed moment for the shipping industry. 

8.    For the first time, global shipping agreed on a clear ambition of achieving net-zero greenhouse gas emissions by or around 2050. The question is, how do we get there? 

9.    We have heard much today about the IMO Net Zero Framework, and how member States have deferred its adoption to allow more time to reach agreement on its implementation. 

10.    For an inherently global sector like ours, regulatory certainty matters. A coherent global framework gives shipowners and fuel producers the confidence to make long-terms investments that require significant capital. 

11.    On the regional front, countries are exploring or have already implemented their own measures to regulate emissions from ships. One example is the European Union’s Emission Trading System, or EU ETS, which has covered the maritime sector since 2024. 

12.    Regional measures can play an important role in accelerating the sector’s transition towards a net-zero future. But they should complement the global system. Otherwise, a patchwork of regulatory measures could add unnecessary complexity and administrative burdens for the industry.

13.    In the meantime, although adoption of the IMO Net Zero Framework has been held back, technical discussions on it continue. Earlier this month, the Intersessional Working Group of the IMO’s Marine Environment Protection Committee (MEPC) met in London to consider how the Framework could be taken forward. 

14.    I am encouraged by the constructive tone of the meeting and by member States’ commitment to continue working towards achieving consensus. I hope this provides a good basis for eventually agreeing on a Framework that can command broad support and give the industry the certainty it needs. 

Gap between clean fuel ambition and commercial deployment

15.    This brings me to the second challenge – the gap between clean fuel ambition and commercial deployment. 

16.    The maritime industry is moving towards a multi-fuel future. For shipowners, the transition to alternative-fuelled vessels comes down to three questions: Is the fuel acceptable? Is it available? And is it affordable? 

17.    First, we must consider the acceptability of the fuel. This requires clear and supportive regulations, strong safety standards, and ports that are able to handle the fuel safely and respond effectively to incidents. 

18.    Second, the availability of fuels. Shipowners need confidence that their desired fuel will be available at the various ports of call, and that supply will be reliable and sufficiently diversified.  

19.    Lastly, affordability. While we have made progress on the acceptability and availability of alternative fuels, they are still significantly more expensive than fossil fuels today.

20.    Overcoming these hurdles requires ports, regulators and fuel producers to work together to narrow the cost gap and support commercial deployment. This is where ports such as Singapore have an important role to play.

Singapore’s Approach to Build a Multi-fuel Future

21.    Singapore’s approach is a pragmatic one. We are building capabilities to support multi-fuel pathways towards net-zero. These range from simpler drop-in solutions such as biofuels, to more novel ones such as methanol and ammonia, reflecting the diverse needs of the sector. 

22.    In recent years, Singapore has worked with industry on various fuel pathways, moving progressively from trials to safe operations at scale. 

23.    Last year, MPA awarded methanol bunkering licenses to three companies to supply methanol as a marine fuel. This was the culmination of more than three years of work – from our first methanol bunkering trial in 2023 to the publication of our methanol bunkering technical reference last year. 

24.    At every step, we worked closely with industry to address the unique challenges of methanol bunkering and provide regulatory guidance to ensure safe operations.

25.    We are also monitoring industry interest in other fuel pathways, such as ethanol, and working closely with relevant stakeholders to understand what is needed for its safe and efficient use as a marine fuel.

26.    Looking slightly ahead, ammonia is another key pathway that MPA aims to operationalise. While ammonia presents different challenges, we have learnt much from our pilot trials in Singapore and from our international partners. 

27.    These lessons are now informing the development of our ammonia bunkering Technical Reference, which is in its final stages and which we plan to release very soon. 

28.    Concurrently, the ammonia pathfinder project for power generation and bunkering, which MPA embarked on with the Energy Market Authority, is well under way. Our industry partners are currently conducting a Front-End Engineering Design study to advance the proposal before a Final Investment Decision. 

29.    Ultimately, shipping is a global industry, and Singapore cannot drive the energy transition alone. Singapore has therefore built strong bilateral partnerships through our Green and Digital Shipping Corridors, or GDSCs. 

30.    These GDSCs help act as pathfinders, bringing together like-minded partners across the industry and other countries to identify potential challenges and, more importantly, develop practical solutions to decarbonise shipping. 

31.    To date, we have signed a total of 10 GDSCs – four at the port-level and six at the national level.

Closing: Singapore's Commitment to the Journey Ahead

32.    To conclude, the pathway to net zero will not be straightforward. But uncertainty cannot become a reason for inaction.

33.    Singapore remains firmly committed to supporting the transition towards cleaner fuels. Together with our partners, we can build greater certainty and make the path to net zero clearer and more achievable. We can do this by developing coherent global rules at the IMO, setting common standards for new fuels, and creating the right conditions for these fuels to become available and affordable.

34.    Forums like today’s are important as they bring the right people together to turn shared ambition into practical action. I look forward to the discussions ahead and a productive exchange of ideas and experiences. 

35.    Thank you. 

Distinguished guests,

Ladies and gentlemen,

A very good morning.

Thank you for inviting me to Marine Money Week Asia.

This is the 25th year of the conference. And it is good to see the turnout growing year after year.

Many of you have travelled to Singapore to be here. A warm welcome to all of you.

The Age of Abundance

1       For much of the past decade, ship finance was a story of scarcity.

2       After the global financial crisis, many traditional shipping banks reduced their exposure or left the market.

3       The industry adapted. New sources of financing emerged — from leasing and bonds to private equity.

4       Today, the picture looks very different. Capital has returned to shipping. Alternative lenders have grown. Leasing has expanded. Private credit and institutional investors have become more active.

5       So today, we have something the industry did not have in abundance a decade ago:

6       More capital. More products. More structures. These are good developments. But more does not always make things easier. Sometimes, it makes things harder. And that creates three paradoxes:

              a) More capital, but not necessarily better access.

              b) More products, but not necessarily easier choices.

              c) More structures, but not necessarily greater clarity.

7       Let me take each in turn.

Paradox of Capital

8       First, the paradox of capital. 

9       More capital, but not necessarily better access. There is more capital looking for maritime opportunities today. But it does not flow evenly.

10       Every pool of capital has its own mandate, risk appetite and return expectations.

11       An established owner with predictable cash flows may have many financing options. A smaller owner with older vessels may have far fewer. So might a company piloting an unproven technology. This creates an uneven market.

12       Familiar risks attract capital. Less familiar risks still face financing gaps.
And this matters.

13       Many of the investments shipping needs over the next decade will take us into less familiar territory.

14       New fuels. New propulsion systems. Autonomy. Digital technologies. The risks are harder to assess. The track records are shorter. And the financing is harder to put together.

15       So the question is no longer simply: "Do we have enough capital?" It is: "Do we have the right capital for the right opportunities?"

Paradox of Products

16       Second, the paradox of products. More products, but not necessarily easier choices.

17       There was a time when the challenge for a shipowner was simply finding someone willing to finance the vessel.

18       Today, the menu is much longer. Bank debt. Leasing. Bonds. Private credit. Equity. Or some combination of them. That is a good thing.

19       But a longer menu does not make the decision easier. Each product comes with different costs, maturities, security requirements and risk appetites.

20       The lowest headline interest rate may not mean the lowest overall cost. The most flexible product may not be the right one.

21       So the question is increasingly not: "Can I get financing?" It is: "Which financing is right for my business?"

22       Getting the match right matters more than ever.

23       The right capital for the right asset. The right investor for the right business. The right structure for the right stage of growth.

Paradox of Structures

24       Third, the paradox of structures. More structures, but not necessarily greater clarity.

25       Financing structures have become more varied. And more complex. That can be useful. Different structures can allocate risk differently and bring new pools of capital into a transaction.

26       But complexity does not make risk disappear. Sometimes, it makes the risk harder to see.

27       The assets themselves are also becoming harder to assess.

28       Take an alternative-fuel vessel. A financier is no longer looking only at the ship, its charter and its cash flow.

29       There are other questions. "Will the fuel be available?" "Will the infrastructure be ready?" "How will regulation evolve?" "Will the technology perform as expected?" "What happens to the vessel's residual value?" That raises the premium on expertise.

30       We need people who understand the financing structure — but also the maritime business behind it.

31       People who can connect shipping and finance. Shipping and technology. Shipping and sustainability.

32       And people who still ask the basic questions: "What is the underlying asset?" "Where does the cash flow come from?" "Who ultimately bears the risk?"

32       Because complexity is not clarity. And a sophisticated structure is no substitute for understanding the risk.

What This Means for Singapore

33       So what does this mean for Singapore?

34       I think these three paradoxes point to three things we need to do. Broaden. Connect. Deepen.

35       That is how we intend to make capital work better for Maritime Singapore.

Broaden

36       First, broaden.

37       If access is uneven, we need a broader range of capital — so different companies, technologies and assets can find financing that fits their needs.

38       Banks will remain central to ship finance. But banks cannot — and should not — finance every asset, company or technology.

39       So Singapore wants to remain a strong centre for traditional ship finance, while broadening the capital available.

40       Our Maritime Sector Incentive – Maritime Leasing scheme supports companies using Singapore as a base for ship and container financing.

41       Through the Maritime Cluster Fund – Business Development, we also support companies setting up new maritime operations or expanding into new business lines here. But we also need new financing models for new risks.

42       One example is the Fund for Energy Efficiency Technologies, or FEET, developed by the Global Centre for Maritime Decarbonisation and its partners.

43       FEET blends catalytic and commercial capital with debt to finance energy-efficiency retrofits.

44       The idea is simple. Different risks need different capital. And sometimes, bringing different forms of capital together can unlock investments that traditional financing alone cannot.

45       So the objective is not simply more capital. It is the right capital for the right risk.

Connect

46       Second, connect.

47       If more products make matching harder, we need to connect the right capital with the right opportunities.

48       Singapore has a substantial asset-management sector and a growing family-office community. The opportunity is to connect more of that capital with maritime.

49       Many investors know shipping. But they may be less familiar with the wider range of maritime businesses, technologies and infrastructure they can invest in.

50       We want to bridge that gap. Bring credible maritime opportunities to investors with the right risk appetite and investment horizon.

51       Singapore is well placed to do this. We already bring together shipowners, banks, investors, insurers, lawyers, brokers and technology companies in one place.

52       Platforms such as Singapore Maritime Week and Marine Money bring these communities together.

52       MPA also organises roundtables, networking sessions and business-matching activities throughout the year.

53       We are doing the same for emerging maritime businesses.

54       Through PIER71, for example, we connect MarineTech start-ups with investors and venture capital, helping promising companies find the capital and partners they need to scale.

55       Sometimes, the problem is not a lack of capital. The capital and the opportunity simply have not found each other. Our role is to help make that connection.

Deepen

56       Third, deepen.

57       As structures become more complex, expertise matters more. We need people who understand finance. But they must also understand what sits behind the financing — the asset, the technology, the regulation and the economics of shipping.

58       Through the Maritime Cluster Fund, we support companies in training their workforce and building new capabilities. This includes funding upskilling programmes, as well as industry and overseas attachments.

59       We also want to bring expertise into maritime from finance, technology, data, law and other professional fields.

60       The goal is not simply more people. It is people who can see across disciplines. Who understand the trade-offs. And who can make sound decisions.

Conclusion

61       Ladies and gentlemen, for much of the past decade, ship finance was a story of scarcity. Today, increasingly, it is a story of abundance.

62       More capital. More products. More structures. But abundance brings its own challenges.

63       More capital, but not necessarily better access.

64       More products, but not necessarily easier choices.

65       More structures, but not necessarily greater clarity.

66       So our response should not simply be to pursue more. It should be to make what we have work better.

67       Broaden the range of capital. Connect capital with opportunity. Deepen the expertise to make good decisions.

68       Because the opportunity before us is not simply to bring more capital into maritime. It is to make capital work better for maritime.

69       And if we get that right, finance will do more than fund the next ship. It will help shape the next generation of shipping.

Thank you.