Mr Adrian Tolson, IBIA Chair,

Mr Alexander Prokopakis, IBIA Executive Director,

Captain Rahul Choudhuri, IBIA Regional Board Chair, Asia,

Distinguished guests, and partners in the maritime ecosystem,

A very good evening.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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