Chairman INTERCARGO, Mr John Xylas

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.