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.

Mr. Andrew Oates, Managing Director, Marine Money Asia

Distinguished Guests, 

Ladies and Gentlemen,

1.    Good evening. 

2.    A very warm welcome to the inaugural Marine Money Asia Deal of the Year Award Ceremony.  

3.    Let me begin by congratulating all our award recipients. Tonight’s awards recognise some of the most innovative and impactful transactions in maritime finance, and the exceptional judgment and ingenuity that made them possible.

Marine Money Asia’s 25th Anniversary

4.    Tonight’s inaugural ceremony is especially meaningful as it coincides with Marine Money Asia’s 25th anniversary. This is an opportunity to honour the achievements of a community that Marine Money has helped to build over a quarter of a century, here in Asia.  

5.    From Marine Money Singapore to Marine Money Asia, the conference has brought together financial institutions, maritime services firms and shipping companies to exchange ideas  and build stronger connections. These connections have helped turn promising ideas into rewarding investments. 

Financing the shipping industry’s transformation

6.    Looking ahead, as shipping transforms, ship financing will become more diverse and sophisticated. Shipowners today are making long-term investments in vessels that will operate for decades, even as fuel choices, regulations, and trade patterns evolve. 

7.    These uncertainties make it harder to assess a vessel’s future earnings and resale value, both of which are central to lending decisions. The challenge is to manage these risks while giving shipowners the capital to renew their fleets and the flexibility to adapt. 

8.    We have seen a wider range of capital providers entering the market to meet this challenge. Banks, leasing companies and investors are putting together innovative financing structures and drawing on more diverse funding sources. The transactions recognised tonight show how the ship finance sector continues to adapt and innovate. 

9.    Asia has an important part to play in global ship finance. The number of transactions under Marine Money’s East Deals category has grown over the years, with eight deals recognised last year alone. This reflects the growing depth and diversity of ship finance activities across the region, and its role in meeting the sector’s changing investment needs. 

Singapore at the Heart of Asia

10.    As a key maritime nation in the heart of Asia, Singapore is well placed to connect maritime businesses with international capital. 

11.    Here, shipowners can draw on financiers, marine insurers and maritime lawyers within one ecosystem. Financiers, in turn, are close to the businesses and markets they serve. This proximity connects shipowners with funding beyond their home markets and investors with opportunities across Asia. 

12.    Singapore’s standing as a stable, neutral and trusted business hub gives these connections a secure foundation. We maintain links across regions and welcome partners from around the world. Our rule of law and consistent policies give businesses confidence to make commitments spanning many years. 

13.    These strengths have made Singapore a natural home for the cross-border dialogue and deal-making that Marine Money Asia has long championed. 

14.     And should broader global developments make cross-border businesses and transactions more challenging, Singapore hopes to offer ourselves as a neutral and safe venue to make these transactions possible. We cannot remove uncertainty from the world, but we can provide a dependable base from which businesses can plan and invest. 

Recognising the People Behind the Transactions

15.    Finally, I want to recognise the people behind the transactions honoured tonight. Capital may make a deal possible, but it is the people who bring it together. 

16.    Many of you have worked long hours, navigated difficult negotiations and reconciled competing interests to achieve a successful outcome. Your perseverance and spirit of collaboration give us confidence in the industry’s ability to meet the challenges ahead. 

Conclusion 

17.    Let me end by reaffirming ship finance as a cornerstone of Singapore’s position as a leading international maritime centre. The Maritime and Port Authority of Singapore (MPA) remains committed to keeping this sector strong, vibrant and competitive. 

18.    We look forward to working with our industry to grow the sector, and to seeing more innovative financing solutions and new pools of capital emerging from Asia, and especially from Singapore.

19.     On that note, with tonight being the inaugural ceremony, I hope Marine Money finds it all the more meaningful to present the East Deals awards here in Singapore, in the very region where these deals were forged. 

20.    Once again, congratulations to all the winners tonight. I wish everyone an enjoyable evening and a successful conference for the next two days.

21.    Thank you. 

Industry partners,

Ladies and gentlemen,

Good morning.

Thank you to S&P Global Energy for bringing us together at APPEC.

A Maritime Ecosystem in Transition

1. We meet at a time of significant change for the maritime industry. Geopolitical tensions, disruptions to key shipping routes and shifts in global supply chains have made the operating environment more complex and less predictable.

2. At the same time, deeper structural shifts are reshaping our industry. The energy transition is changing how ships and ports are powered. Digitalisation is transforming how trade and port operations are managed, and artificial intelligence (AI) is opening new possibilities for how we plan, coordinate and make decisions.

3. Looking towards 2030, one thing is clear: the pace of change will only accelerate. For Maritime Singapore, this challenge goes to the heart of our economic model. Our prosperity depends on connections that reach far beyond our shores. Our response to a more fragmented world must therefore be to remain open, deepen our connections and make ourselves more useful to the partners who depend on them.

4. Our approach is anchored on three priorities: Growth, Resilience and Partnership.

Growth - Staying Relevant 

5. Let me begin with Growth.

6. Singapore's maritime success has always been built on relevance and trust - being a place where global shipping and energy companies can transact efficiently, operate safely and invest with confidence.

7. That trust continues to be reflected in our performance. Last year, Singapore handled a record 56.77 million tonnes of bunker sales. In the first half of 2026, bunker sales exceeded 28 million tonnes.

8. But what matters is not simply the volume. These numbers reflect the industry's confidence in Singapore as a reliable and trusted maritime and energy hub. But our longer-term relevance depends on the value we create for the companies that use our port and build their businesses here.

9. This value extends across the maritime ecosystem. Shipping companies need access to capital, commercial expertise, technical services and reliable dispute resolution.

10. Bringing these capabilities together with port operations creates a stronger environment for businesses to make decisions and execute them.

11. For an owner considering fleet renewal, or an energy company developing a new supply chain, that depth of expertise can be as important as physical connectivity.

12. Looking towards 2030, competitiveness will increasingly depend on reliable port calls, access to a wider range of marine fuels, and the ability to connect physical operations with trusted digital information. 

13. Long-term planning has always been a hallmark of Maritime Singapore's development. MPA is currently developing the Maritime Singapore Master Plan, which will chart our longer-term priorities and how we position Maritime Singapore for the opportunities and challenges ahead. We look forward to sharing more about the plan when it is ready in 2027.

14. Even as that work continues, we are not standing still. We continue to make investments today that will strengthen Singapore's competitiveness and position us for the future.

15. Tuas Port is one of the clearest examples. We are developing the port progressively to meet future capacity needs, while giving us the flexibility to incorporate new technologies as they mature. When completed in the 2040s, Tuas Port will have a handling capacity of 65 million TEUs annually, with automation and digitalisation enabling greater efficiency and reliability.

16. We are taking the same forward-looking approach to the energy transition.

17. Over the coming decades, we are likely to see the most diverse marine fuel mix in shipping's history. There may not be a single fuel of the future.

18. Our role as a global bunkering hub is therefore not to determine which fuel will prevail. Our role is to ensure that whichever fuels the industry adopts, Singapore is ready - with the infrastructure, standards and operational capabilities to support them.

19. Across the major alternative fuel pathways, we are making concrete progress. We have issued methanol bunkering licences and commenced methanol bunkering operations. For ammonia, we are developing the regulatory and operational frameworks needed to support future commercial deployment. We are also facilitating greater use of sustainable biofuels.

20. At the same time, we continue to expand our LNG bunkering ecosystem, with additional licences issued this year. This will broaden supply options as more LNG-fuelled vessels enter the global fleet. We have also just updated our LNG standards, while maintaining the high standards of safety and reliability that underpin Singapore's reputation as a trusted bunkering hub.

21. The transition to new marine fuels will require close collaboration across the maritime and energy value chains - to develop supply chains, establish trusted standards and give industry the confidence to invest.

22. The conversations we advance here at APPEC can continue at the Singapore International Bunkering Conference and Exhibition (SIBCON) which will be held next month in October, where the global bunkering community will come together in Singapore to explore emerging fuel pathways and how we can collectively translate ambition into safe and scalable solutions.

23. Growth, therefore, is about more than volume. It is about continuing to build the capabilities that keep Singapore relevant and trusted as the industry evolves.

Resilience - Adapting to Change

24. This brings me to our second priority: Resilience.

25. Recent years have shown how quickly geopolitical developments and disruptions at key maritime chokepoints can affect shipping routes and supply chains. We cannot eliminate uncertainty. But we can strengthen our ability to anticipate, adapt and recover.

26. For Singapore, this means investing in sufficient capacity and resilient infrastructure, while maintaining an ecosystem that can adapt as trade flows and operating conditions change. Tuas Port is therefore not only an investment in growth; its phased development also gives us the flexibility to respond to changing demand and technologies.

27. Increasingly, resilience is also digital. Secure systems, trusted data and reliable digital services are becoming as important to maritime operations as physical infrastructure.

28. Through digitalPORT@SG™, MPA has brought key regulatory and operational services onto a single digital platform. Initiatives such as the Maritime Single Window and Just-In-Time platform are helping to streamline processes and improve the efficiency of port calls.

29. Beyond regulatory services, OCEANS-X, Digital Bunkering and the Maritime Digital Twin are enabling trusted data sharing, better operational planning and the testing of new digital solutions.

30. Digital Bunkering is one example. Since 2025, it has strengthened the efficiency and transparency of bunker operations. We are now working with industry on the next phase, trialling capabilities to further strengthen the integrity and quality of bunker data shared between stakeholders and MPA.

31. But resilience is not just about infrastructure and systems. It is also about having a future-ready workforce - one that can adapt as technology changes the way maritime work is done.

32. This is why MPA continues to invest in our maritime workforce, working with industry and training partners to build new capabilities and equip our people for the opportunities ahead. Technology will create new possibilities, but its value will ultimately depend on how effectively our companies and people are able to use it.

33. One example is AI. MPA is working with industry partners such as the Singapore Shipping Association to accelerate AI adoption across the maritime sector. At the MPA-SSA Maritime AI Forum in July, maritime companies, technology providers and industry professionals came together to examine real-world applications of AI and practical pathways for adoption.

34. This is the approach we want to take - investing in our people, bringing industry and technology providers together, moving from possibilities to practical applications, and equipping our workforce to adapt with confidence.

35. Ultimately, resilience is about our ability to adapt - through our infrastructure, digital systems and people. By strengthening all three, we can build a maritime ecosystem that is more connected, more efficient and better prepared for the changes ahead.

36. Resilience means managing the disruptions of today without losing sight of the transformations shaping tomorrow.

Partnership - Creating Confidence to Invest

37. Which brings me to our third priority: Partnership.

38. None of these transformations can happen in isolation. No single company can build a global fuel transition. No single port can establish international standards. And no single country can decarbonise international shipping.

39. Progress depends on partnership - between governments and industry, between ports, between energy producers and users, and between technology providers and investors.

40. This is particularly important for new fuels and technologies. Shipowners need confidence that fuels will be available. Suppliers need confidence that there will be demand. Infrastructure providers need sufficient certainty to invest. And regulators need to ensure that new solutions can be introduced safely.

41. Our approach is therefore to work closely with industry - developing regulatory frameworks together, testing solutions in real-world conditions, and providing the clarity and confidence needed for investment.

42. But shipping is global. Solutions will have limited impact if standards and systems remain fragmented across borders. Through our Green and Digital Shipping Corridors, we are working with international partners to test solutions, develop common standards and improve interoperability.

43. Ultimately, partnership is about bringing together the right players to translate ambition into solutions that are safe, scalable and commercially viable.

Looking Ahead

44. As we look ahead, these three priorities reinforce one another. Growth depends on our ability to remain relevant. Resilience enables us to adapt through uncertainty. And Partnership gives industry the confidence to invest and innovate.

45. Events like APPEC matter precisely because they bring together such a diverse community - from different countries, disciplines and parts of the maritime and energy value chains. They allow us to exchange perspectives, challenge assumptions and build the relationships needed to turn ideas into action.

46. I encourage all of you to make the most of the conversations ahead. Ask the difficult questions. Share your experiences. And look for the partnerships and opportunities that can help us collectively navigate this period of transformation.

47. Maritime has always been an industry that looks beyond the horizon. The challenges before us are significant, but so too are the opportunities.

48. By continuing to invest ahead, adapt to change and work together, we can ensure that Maritime Singapore remains relevant, resilient and trusted in the years ahead.

49. Thank you, and I wish you all a fruitful and enjoyable session.