Opening Remarks by Mr Chin Yi Zhuan, Deputy Chief Executive, Maritime and Port Authority of Singapore at the 2nd NTU Singapore-Europe Dialogue on 12 January 2026
Excellencies, Distinguished Guests, Ladies and Gentlemen,
1. A very good morning.
2. First, let me thank NTU for inviting me to be part of this 2nd Singapore-Europe Dialogue. It’s a pleasure to be here.
3. I met some of our European friends at the reception, and some have crossed continents to be here. Some, including myself, crossed the island. Others perhaps just crossed the road. No matter how far you had to travel, I am glad we have this opportunity to gather here and exchange ideas.
Singapore–Europe
Relations
4. Singapore and Europe have long been connected by trade and maritime ties. Anchored by the EU-Singapore Free Trade Agreement, the EU is Singapore’s 5th largest trading partner for goods and 2nd largest for services today, with bilateral trade exceeding $100 billion every year. Likewise, Singapore is the EU’s largest trading partner in ASEAN and a top global destination for EU investments. This shows the strong partnership between both parties.
5. In the maritime space, Singapore and Europe share a long and rich history. European shipping companies were among the first to establish trade routes connecting Singapore to Europe, facilitating the exchange of goods, ideas, and cultures. Till today, Singapore serves as a key node for container trade between Asia and Europe.
6. At the people level, there are regular exchanges between our governments, companies, students and researchers. Dialogues like this one add another layer. They create a neutral space to test ideas, challenge assumptions, and find opportunities for friendships and partnerships.
Sustainable Maritime Transition
7. I want to thank NTU for focusing this second Dialogue on sustainable maritime transition.
8. Shipping accounts for about 3% of global carbon emissions. If shipping were a country, it would be one of the top 10 emitters in the world. At the same time, shipping also moves about 90% of global trade. So, the challenge is not whether shipping should decarbonise. The question is how we decarbonise without breaking the system that has kept economies running.
9. But the industry faces what I call the trilemma of the 3 Cs: Carbon. Cost. Competitiveness. In a perfect world, we want all three. But in reality, most companies can only optimise for up to two.
c. And if you focus on cost and competitiveness, decarbonisation gets pushed to “later”. And we all know pushing to later has a habit of becoming never.
10. This is the core tension. That is why we see different strategies. Different speeds. Different views on what “net zero” really means. None of this is surprising. It is business reality.
11. But I believe there is a way through. A ‘Goldilocks Zone’. Not too hot, not too cold. The pace of change cannot be so fast it breaks the industry, nor so slow we miss our net-zero target.
b. Like Goldilocks, everything has to be just right. The pace has to be just right. The burden has to be shared. And the technology has to keep improving.
12. And pushing too hard from any one corner, whether from activists, regulators, or industry, often backfires. You don’t bring people along by telling them they are the problem. That is not how transitions succeed. You bring people along by asking them to be part of the solution.
13. So how do we find this ‘Goldilocks Zone’? How do we move forward together?
A Detour to Oz
c. And all of us, industry, academia, regulators, we are Dorothies. Trying to find our way there.
15. Now, on her journey, Dorothy does not go alone. She meets three companions, each seeking something they feel that they lack.
16. Together, they faced setbacks, wrong turns, and a fair bit of confusion. Sound familiar? By the end, they realised something important: they already had what they were looking for. They just did not realise it yet.
The Tin Man: The Heart is Already There
20. I see that heart every day in my work at MPA. Many shipowners know that decarbonisation will cost more, at least in the short term. They know it impacts margins. But they are taking the leap.
The Scarecrow: The Brains are at Work
28. A huge thanks to NTU and all institutes of higher learning here, both from Singapore and Europe. Your work on alternative fuel safety, on digital twins, on energy efficiency – that is the Scarecrow’s brain working at its finest. You are building the toolkit for our transition and helping to ensure that decarbonisation does not come at the expense of seafarer wellbeing.
b. At MPA, we also have our own Maritime Innovation and Technology Fund, or MINT Fund in short, to catalyse R&D and nurture start-ups. We also run the PIER71 Smart Port Challenge with NUS Enterprise to scour the globe for good ideas.
31. Singapore has a long history of working with European partners—on research, test-bedding, and joint industry projects.
b. Last year, MPA strengthened collaboration through new or renewed MOUs with our Recognised Organisations, BV, DNV, and RINA.
34. Governments, regulators and international bodies play a critical role in setting the direction and rules of the game.
b. It was a brave effort to lock down the ‘Carbon’ corner of the trilemma, creating a level playing field.
35. Singapore supported the framework because we believe in setting global rules. Fragmented rules or regional framework will only add further confusion to industry.
a. Unfortunately, progress was delayed. That is disappointing. But it does not change our direction.
41. That’s why we’ve signed multiple Green and Digital Shipping Corridors to develop green highways at sea. The first was with Rotterdam. Now we have them with ports from all over the world. We need these corridors to multiply, to create a connected network for the green ships of the future.
49. Thank you, and I wish us all a very fruitful dialogue.