Distinguished guests,
Ladies and gentlemen,

Good evening. It gives me great pleasure to join you this evening for the 8th Singapore International Maritime Awards (IMA) Ceremony.

Introduction

2015 marks a significant milestone for Singapore. We celebrate 50 years of independence. We have come some way to be the vibrant metropolis that we call home today. In this journey, our maritime companies have played a key role. Today, our maritime sector accounts for some 7% of our GDP, employing more than 170,000 people. On this occasion, it is timely for us to look back, reflect on some of the lessons learnt, and also honour the achievements of some of our pioneers.

Maritime Singapore Today

Singapore as a city state and Maritime Singapore enjoy a symbiotic relationship - one has always grown in tandem with the other. When Singapore was still a British colony, we only had a small, labour-intensive port handling mostly bulk and conventional cargo. Today, Maritime Singapore is home to one of the world's busiest container ports. More than 120,000 vessels call at Singapore annually, moving some 34 million TEUs of goods, three times more than just two decades ago. So even if you look back two decades ago, it really was just a fraction of what we are handling today.

Building on our port, Singapore has also developed into a leading international maritime centre (IMC). Ship owners and managers can tap on the services provided by some of the world's most established maritime companies here in Singapore. And completing this bustling maritime eco-system is a wide range of firms offering maritime finance, broking services, legal services, insurance, amongst others.

Development of Maritime Singapore

Our success did not come by chance. The Government had taken strategic decisions and made significant investments to grow Maritime Singapore.

Take Tanjong Pagar Terminal. We decided to build it as our very first container terminal back in 1969. At that time, some of us may recall that containerisation was still nascent globally. We were the first in Asia outside of Japan to plan for containerisation. That decision set the stage for the eventual transformation of our port - from one relying heavily on manual labour into one of the world's busiest and most high-tech container ports today.

We continue to invest in our ports. By the end of 2017, the expansion of the Pasir Panjang Terminal will be completed. We would have increased the capacity then by more than 40% over what we have today. But even as we continue with the expansion works at Pasir Panjang, we have also embarked on works to consolidate container operations at Tuas on the western end of the island. Over time, we would grow that to have a capacity of some 65 million TEUs, all co-located in one terminal. The Government will invest significant resources to developing this new terminal - from land reclamation to equipping the port with future-ready infrastructure and technology.

To serve the maritime industry better, Singapore must be more than just a global hub port. And so back in 2004, we took a major decision to restructure the way that we were organised. Prior to that, the promotion of shipping rested with the Ministry of Trade and Industry, while the regulation rested with the Ministry of Transport. We decided to put all this together and now looking back some 10 years later, we can see that as a very fundamental change.

From 2004, the Maritime and Port Authority of Singapore (MPA) became the "one-stop agency" to serve the maritime sector. This transformative approach would require MPA to transit from being a pure regulator to adopt a more pro-business orientation, to meet the needs of the maritime sector by understanding their business requirements and ensuring that the right programmes are implemented, and to do so while also recognising their regulatory responsibilities. And I think this combination of regulatory and promotional responsibilities over the past decade or so has really helped shape MPA and Maritime Singapore as an IMC to what it is today. Our goal is to develop a strong and vibrant maritime ecosystem that will benefit every facet of the maritime sector. We worked on creating an environment that is attractive to shipping companies to the extent that they are comfortable to call Singapore their "second home", a base outside of their home country.

When we first embarked on this journey in 2004, we had 37 shipping groups from 16 countries. Today, there are more than 130 shipping groups from some 29 countries here in Singapore. From one that is a location convenient for shipping companies, we now have companies also in the offshore sector such as Dolphin Drilling, Maersk Drilling, BW Offshore, Swire Pacific Offshore, Farstad and even home-grown companies like Ezra and Pacific Radiance.

Complementing this was the growth in the insurance and shipbroking sectors. We started with an initial two International Group Protection & Indemnity (IG P&I Clubs), and that has now grown to seven. From two Lloyds Asia Service companies, we now have 16 writing marine and offshore business. Almost every major shipbroking company has a presence in Singapore, for example Braemar Seascope, Howe Robinson, SSY, Clarkson, RS Platou and so on. A market place of shippers, shipping companies and maritime ancillary services has thus evolved in Singapore. In tandem, our Singapore Registry of Ships has grown in stature and gained international recognition as a quality flag.

Contributions by Local and International Shipping Community

On their own, the steps that the Government took and our investments, while necessary, would not have been sufficient to bring Maritime Singapore to where it is today. It really was the determination and entrepreneurial spirit, especially of the pioneering generation that made the vital difference and set the foundation on which we could subsequently build on. And so I take this opportunity to thank and to express my deepest appreciation to our maritime pioneers - from our port workers and technicians many often faceless, sometimes nameless, to marine surveyors and shipping executives. Each of them has made a contribution so that we can become what we are today. They overcame overwhelming challenges like poor and outdated equipment, a lack of training, and even a port strike some 60 years ago, and they laid a firm foundation stone by stone.

Today, we face a different set of challenges. Globally, we are grappling with oversupply, the effects of rapid technological shifts including the emergence of mega-vessels, an industry-wide manpower crunch, and at the same time, the need to tighten environmental regulations. It will be an increasingly complex environment for maritime players. Nonetheless, I am confident that we will continue to do well if we can embrace that same undaunted, can-do spirit, faith and commitment to Singapore that our pioneers displayed.

At this point, I would like to mention and acknowledge a few of our pioneering companies and industry captains who have played such a vital role in growing Maritime Singapore to where we are today and some of them are here with us this evening.

One of the oldest shipping companies here in Singapore today is Pacific Carriers Ltd (PCL). It was founded in 1973, headquartered in Singapore, and has established itself as a global player in the shipping industry. It started out as a ship broking company and today, PCL has grown to become a leading dry bulk operator, with activities in ship management, breakbulk operations and other offshore support services. When it received its first Maritime Sector Incentive (MSI) award back in 1993, PCL had just over 60 employees. Today, it employs over 260 people and has commercial offices across six countries. Over this period from 1993 to today, its turnover grew nearly 10 times. Tonight, PCL will be receiving its third Maritime Sector Incentive - Approved International Shipping Enterprise (MSI-AIS) award. This is no easy feat, to be able to maintain this status for such an extended period of time.

Secondly, let me acknowledge Mr Teo Woon Tiong, or better known to all of us as Mr Y C Chang. Most of you will probably recognise his name and his company - Pacific International Lines (PIL). He is one of our most prominent maritime pioneers, and one of the most successful home-grown entrepreneurs in Singapore. He started from scratch, establishing PIL with a start-up capital of $6 million and four coastal vessels. He endured World War II, rode out major economic shocks like skyrocketing oil prices during the 1970s oil crisis, the early 1980s recession and the global financial crisis in the last decade, to become a global giant in the shipping industry.

But what most of us might not know was that before PIL, Mr Chang used to sail between Malacca and Indonesia on a pair of old motorised Chinese junks. Attacked by pirates, he lost all his fortune. After that, he decided to come to Singapore, and joined a local trading company. And in 1967, he started his own shipping line. So I dare say that there are some things which we can actually thank the pirates for - certainly in this instance, it is our good fortune to have Y C, PIL and of course, his entire family be relocated here in Singapore, and grew PIL to what it is today.

He took bold steps - sailing into Chinese waters during the Cold War, a time when many other shipping lines were avoiding China all together. He navigated not only the extended distance and stormy waters but also the many restrictions and regulations to break into the Chinese market.

Despite the numerous challenges, he persevered. Today, PIL is one of the largest ship owners in Asia. He is 96 years old but continues to go to the office every day. His endless dedication and unwavering passion are remarkable, so are his entrepreneurial spirit, resilience and astuteness which are qualities well worth our emulation.

Finally, let me thank Mr Olav Thorstensen, Executive Chairman of the Thome Group. He is a pioneer in both the Norwegian and Singapore maritime community. His first encounter with the shipping world started when he was just 15 years old. He went to work on board a vessel and his education really was on board the ship literally. Subsequently, he joined a shipping consultancy - Roed & Partners. In the early 70s, it sent him to Singapore to work as a project manager for its new-builds, before joining Thome to start up a ship management division.

He was one of the pioneers in establishing third party ship management services here in Singapore, essentially laying the foundation for that entire sector to grow and develop. Ship management was no easy task in Singapore in the 1970s, especially for a company that attracted its business from Scandinavian ship owners. Singapore was a new, relatively unknown country in an unstable region, and Asia had yet to move to the forefront of ship owning. His steady work and persistence eventually paid off and the company has taken its place among the world's largest ship managers. Today, I was having lunch with the Danish Minister and his community, and the Minister told me that Thome has now started ship management activities over in Denmark.

So from Norway to Singapore and back to Denmark, Mr Thorstensen's contributions span far and wide. Most notable are his efforts in enhancing cooperation between Singaporean and Norwegian businesses, particularly in the maritime sector. He has brought more than 75 Nordic maritime companies to Singapore, often providing them with insights into the Singapore system, and promoting Singapore as a leading International Maritime Centre (IMC). He is one of our best ambassadors in the maritime field and I am truly grateful for his dedication to and support of Maritime Singapore. When I was with MPA some 10 years ago and made my first trip to Norway, he was one of those who really took the time and trouble to give me a good, thorough briefing and education on the industry in Norway. He took me literally by the hand and brought me around Oslo to visit the companies. So I personally have much to be grateful to him for.

PCL, Mr Chang Yun Chung and Mr Olav Thorstensen are just a few of the many companies and individuals, both local and foreign, who have helped to develop and grow Maritime Singapore. Time obviously does not permit me to name each and every one of you, but I hope over the course of dinner, some of you would come forward and we have a chance to meet each other and for me to thank some of you personally. As I stand here, I want to say that in the Ministry of Transport, and on behalf of the MPA that you have our heartfelt thanks and deepest appreciation. And we certainly remember you and the many others who cannot be here tonight or who have passed on even as we celebrate 50 years of independence in this maritime nation called Singapore.

Conclusion

I am confident that with the continued support of our industry partners, our maritime sector will be able to overcome the challenges of the day, and emerge stronger. Together, we will build a Maritime Singapore that future generations can be proud of.

Finally, let me conclude by thanking the judges led by Mr Lucien Wong for judging and having the difficult task of deciding the winners for the IMA. As he has mentioned, it has grown some 60% over the years, so it was no easy feat for him to decide on the winners. And I end by congratulating all the worthy recipients and winners of this year's International Maritime Awards. Thank you very much.