A new record of 20 million gross tonnes (GT) has been set by the Singapore Registry of Ships (SRS) on 15 October 1997 with the registration of "ARGO HEBE". This ship is a Very Large Crude Carrier (VLCC) owned by Argonaut Shipping (S'pore) Pte Ltd and managed by Barber Ship Management Singapore Pte Ltd.

The SRS has expanded swiftly and steadily from 15 million gross tonnes in early 1996 to 20 million tonnes in October 1997. This is a growth in tonnage of more than one-third since the formation of the Maritime and Port Authority of Singapore (MPA) in February 1996.

Mr Chen Tze Penn, Director-General of the MPA, said, "The significant increase in ship registration here is evidence of the support and high regard that the industry has for the SRS. This growth will help the MPA achieve its aim of developing Singapore into a premier Maritime Centre in conjunction with other agencies. We will continually improve our service level and maintain our competitive edge so as to bring more shipping tonnage under our flag."

As the Singapore flag is the preferred choice of many international ship owners, Singapore's merchant fleet now ranks 10th according to the Lloyd's Register of Shipping's World Fleet Statistics. The strong popularity of the SRS is due to a confluence of many factors such as political stability and excellent infrastructure. Added to these are financial incentives like competitive fees, exemption of profits from income tax and freedom from foreign exchange restrictions. The guiding principle of the Registry is to offer a high service level while applying recognised international standards and maintaining a clean safety record.

To commemorate the occasion and to put on record its appreciation to Argonaut Shipping, the MPA hosted a plaque-presentation ceremony cum lunch on 16 January 1998.

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