Captain Saunak Rai, Chairperson of the Institute of Chartered Shipbrokers ASEAN Branch,

Ms Elaine Yu, ICS Vice Chairperson, 

Distinguished Guests, ladies and gentlemen.

I am very delighted to join you here today at the second edition of the ICS Shipping Forum. It is wonderful to see such a strong gathering of maritime professionals from various fields, including ship broking, ship operations, chartering, and many others.

2             This week, we have had deep discussions on the situation in the Strait of Hormuz, and its impact on global energy prices and supply chains.

3             But it is not all doom and gloom. We all know that the shipping industry is highly resilient. There have been past economic shocks, but the maritime industry has always emerged stronger through them, become better prepared to overcome future challenges, and more resilient in capturing new opportunities. I am confident that we will adapt and adjust to this crisis as we have always done.

4             It is important that while we deal with the immediate challenges, we also continue to plan for the longer horizon. With this backdrop, I will share MPA’s thoughts on Singapore’s maritime vision as well as ongoing industry transformation efforts.

Driving Forces and Strategic Imperatives

5             Across the globe, digital connectivity, automation, and the AI revolution are rapidly changing the way the world operates, and the maritime industry is similarly impacted. Technology can be leveraged to strengthen the key pillars of shipping, which include high safety standards, protection of the environment, and education and training.

6             In today’s context, the ongoing threats to global oil supplies have sharpened the world’s focus on energy security. The transition towards cleaner fuels should not be viewed solely through the lens of climate change, but also as a means of enhancing energy resilience and diversification and to reduce our overdependence on traditional supply sources.

7             In this regard, cleaner energy solutions, digitalisation, and automation, are not separate or parallel trends, but mutually reinforcing ones. Together they will help strengthen supply chain resilience, improve operational efficiency and safety, and support a more adaptive and sustainable maritime future.

8             That is why MPA’s strategic imperatives will focus on three key areas: one, technology and innovation; two, sustainability; and three, talent.

Technology and Innovation

9             First on technology and innovation. Earlier this week, Deputy Prime Minister Gan Kim Yong launched OCEANS-X. This is a new digital platform developed by MPA that will allow maritime companies and government agencies to exchange trusted data more seamlessly, securely, and directly. This will in turn enable integrated digital services for better service delivery, more efficient port operations, smoother trade flows and stronger connectivity with global ports.

10           Digital transformation is already taking shape in maritime services. In shipbroking, AI is transforming daily operations not as a future concept, but as a present reality. Platforms now automatically match cargo and tonnage. Models extract actionable insights from thousands of market emails, enabling brokers to fix faster and serve their clients better.

11            To drive AI adoption and innovation across the wider maritime sectors, MPA and the Singapore Shipping Association has just signed an MOU to forge stronger partnership in these areas. This initiative is a good platform for companies across the sector to be plugged in to accelerate your firm's digital transformation journey.

12             To further encourage maritime innovation and unlock new opportunities, we also have initiatives such as PIER71, a platform that brings together maritime players and the start-up ecosystem. This is an annual innovation competition to find the best ideas and solutions from technology start-ups to address challenges facing maritime corporates in Singapore.

Sustainability

13           On to the second imperative, sustainability. MPA’s goal is to position Singapore as a multi-fuel bunkering hub. As the world’s largest bunkering hub, Singapore must continue to meet the evolving needs of global shipping, especially as demand for low-carbon fuels grow. In today’s climate, decarbonisation has added urgency to strengthen our overall energy resilience and efforts to diversify fuel options. MPA has issued three methanol bunkering licenses last November, and opened applications for additional licenses to explore LNG as a marine fuel in the Port of Singapore in 2026.

14           We also signed nine Green and Digital Shipping Corridors (GDSC) with like-minded partners, to strengthen collaboration on our sustainability agenda. This week, we renewed our GDSC MOU with the Port of Los Angeles, and the Port of Long Beach for another three years. This renewal reinforces our port’s commitment to decarbonisation and digitalisation along the Trans-Pacific route, one of the world’s busiest container trade lanes.

15           On the shipping side of the house, I am aware that several companies have established sustainability desks. With shipowners increasingly moving into sustainable shipping, brokers must also enhance their expertise and research capabilities to support this. This includes developing specialised knowledge in sustainable shipping data, green vessel brokerage, and establishing dedicated sustainability desks to capture this expanding market segment. If your firm is also exploring the idea of setting up a similar green desk in Singapore, I encourage you to approach my team seated here today. MPA has many programmes that facilitate such developments.

Talent

16          This brings me to MPA’s third strategic imperative, talent. The success of all our technology, innovation, and sustainability related plans and initiatives can only be as strong as the people who drive them.

17           Maritime companies, including shipbroking firms, have been actively tapping on MPA’s Maritime Cluster Fund, specifically the Overseas Attachment scheme. This scheme supports sending local hires or trainees to overseas offices for training. Building on this, MPA recently introduced a new Global Rotation scheme aimed at local middle managers. The objective is to allow local maritime professionals to gain greater exposure to international operations, while building leadership capabilities in multi-cultural environments.

18           MPA will also streamline the requirements of our Management Associate scheme to encourage adoption from a wider group of companies. Through the enhanced scheme, young professionals can undergo structured rotations across different commercial and operational roles to build a broader understanding of the maritime value chain and enable their career progression. These are some of the programmes that we have introduced in response to feedback from companies on how we can support the development of maritime talent in Singapore.

Technology is an enabler

19           What more can we do to develop maritime talent for Singapore? And how can we use technology as enablers for charterers and shipbrokers to perform their work more efficiently and effectively, while also enhancing their professional capabilities and training? These are questions that MPA is working to address. And as I was looking through the programme for the Forum, I was pleased to see that ICS is also encouraging discussions around these themes through panel sessions titled “Chartering Reimagined” and “Next Gen Shipbrokers and Digitalisation".

20           Indeed, there are many opportunities for maritime companies to leverage technology to serve their clients better. For example, shipbrokers today are already tapping on AI to assist with the analysis of chartering opportunities and to improve decision making. Value creation in the future may look even more complex, with considerations such as multi-fuel consumption, carbon emissions, and compliance requirements. In this context, we can all be assured that AI will not replace human judgement, but to enhance our judgment, and enable shipbrokers to operate with greater precision, confidence, and value.

Technology

21           As we talk about AI, we also need to recognise that technology is not only about big transformative changes. It is also about making incremental changes one step at a time. For instance, small tweaks can enhance the delivery of maritime education and training. For maritime professionals who are constantly on the move and cannot commit to lengthy classroom sessions, digitised courses accessible in bite-sized modules could be more effective.

Collaboration is the engine

22           While technology can provide the infrastructure and catalyse change, collaboration is the engine that determines our pace. The more we collaborate, the larger the impact. Journeying with the industry and the workforce will be key to our success.

23           At this juncture, I would like to congratulate ICS on your recent expansion in mandate from ICS Singapore to ICS ASEAN. This is a very important move and will help represent our region better. This is also in line with MPA’s vision of developing Singapore as an education and training hub for global maritime professionals. I am confident that you will continue to make good progress under the ICS-MPA MOU signed last year, and inspire more partners to join us in this endeavour.

Conclusion

24           The programme today reflects many of the themes I have spoken about, from the role of AI in enhancing decision making, to the need for greater resilience in an increasingly complex operating environment. What is particularly encouraging is the focus not just on ideas, but on practical implementation — how technology can be embedded into chartering workflows to manage risk, improve efficiency, and ultimately create commercial value. This underscores Maritime Singapore’s role not just as a hub for trade, but as a platform where industry challenges are actively addressed and solutions are put into practice.

25           Maritime Singapore’s success thus far is the result of decades of trust and tenacity between the government, industry, and the maritime community to move forward despite challenges and adversity. Amidst the uncertainties of today, I hope we will all remain resolute in our goal for growth, and in so doing, keep the world open and moving.

26           Thank you all for your support and I wish all of you a fruitful forum ahead.