According to Lloyd's Register's World Fleet Statistics for 1998, which was released recently, Singapore has risen one place from 8th place to 7th place in the ranking of the world's merchant fleets. Singapore also maintained its lead as the largest shipping fleet in Asia. (Refer to table below for the world's top 10 merchant fleets).

The Singapore Registry of Ships (SRS), which comes under the purview of the Shipping Division of the Maritime and Port Authority of Singapore (MPA), has achieved impressive growth, expanding at a rate of about 10 per cent annually in recent years. Since the formation of the MPA in 1996, the Singapore fleet has grown by about 50 per cent and has moved up five places from 12th position in 1995 to its present ranking as 7th largest in the world. It registered a total shipping tonnage of 20.4 million gross tons* (GT) as at end 1998, up 8 per cent from 1997's total of 18.9 million GT.

Note: * this figure excludes ships of less than 100 GT

In April 1999, the SRS, including ships of less than 100 GT, stood at 22.6 million GT. Presently, there are more than 3,400 vessels registered under the Singapore flag. In terms of fleet age, the Singapore shipping fleet is the youngest among the world's fleets, averaging 11 years. The average age for the world fleet is 19 years.

Mr Chen Tze Penn, Director-General of MPA, said, "This improvement in world ranking of our merchant fleet at a time of tough economic conditions testifies to the support and high regard that the international shipping industry continues to have for the SRS."

Factors such as the SRS' adoption of international standards, a good safety record and responsible administration have contributed to the attractiveness of the ship registry. These are complemented by financial incentives and the recognition of international training and certification standards.

In recent years, the move by global shipping lines such as Argonaut Shipping and A.P.Moller to register their vessels under the Singapore flag augers well for Singapore as an international shipping capital.

Their presence in Singapore will help further the Republic's growth as a premier international maritime centre, one that offers a broad spectrum of shipping ancillary services including ship management, ship broking and ship financing, and marine insurance.

Looking ahead, Mr Chen, said, "The new millennium will pose new challenges for the MPA. We will seek to further improve the attractiveness of the Registry and identify areas which we can add value to our customers. Our focus will be on building up a quality merchant fleet. To do so, we will continue to review, upgrade and improve on our regulations and criteria for ship registration."

To capitalise on Singapore's strength in information technology, the MPA will through the use of IT add value to ship registration services. Plans to fully computerise the work of the Registry are well underway.

End of Release.

 

The World's Top 10 Merchant Fleets For 1998��

Source: Lloyd's Register's World Fleet Statistics for 1998