Singapore is a premier global hub port and an international maritime centre. Every year, 130,000 vessels enter our ports. At any given time, there are about 1,000 vessels in Singapore’s waters. More than 1,000 tonnes of cargo are handled in our ports every minute.
Singapore’s maritime industry comprises 5,000 companies, and employs more than 170,000 people1. The Sea Transport Industry Transformation Map (ITM) aims to grow the industry by S$4.5 billion and create more than 5,000 jobs by 20252.
In 2017, the industry contributed 7% of Singapore’s GDP. In the same year, spurred by improvements in global trade growth and the repositioning of major shipping alliances, Singapore’s container throughput grew by 9% to 33.7 million TEUs2.
Connected to more than 600 ports in over 120 countries, Singapore’s global network allows goods to be transported efficiently to anywhere in the world. However, competition is also heating up as ports around the region build more capacity and invest in new technology. Emerging technologies are transforming the nature of shipping, with automation, digitalisation, and real-time data sharing improving the efficiency of port management and sea transport industries globally.
Looking ahead, demand for greater transparency, efficiency and sustainability from the sea transport industry remains high. This translates into business opportunities for you in the areas of automation, robotics, digitalisation and green technology.
1: According to Maritime and Port Authority of Singapore.
2: “Sea Transport Industry Transformation Map to Drive Singapore’s Vision to be a Global Maritime Hub for Connectivity, Innovation and Talent”, MPA Press Release, 12 January 2018
Automated port management using robotics, and autonomous commercial ships plying the seas are not far-fetched ideas. They have the potential to impact supply chains, operating costs and sea transport workforces around the world3.
Singapore’s upcoming consolidated port operations at Tuas is envisaged to be an intelligent and efficient port. It will be using automation, robotics, and state of the art container handling equipment and IT systems to automate yard and wharf operations. It will also rely on data analytics to optimise operations.
Your company can integrate automation solutions in your service offerings that help to save time, reduce costs and increase data efficiency, not only in Singapore but also overseas.
3: “Is Automation the Future of Shipping”, National Maritime, UK, 13 February 2018
Digitalisation and cloud technology are increasing the efficiency of shipping business and delivering better business results. Digitalisation also links up companies in the shipping and logistics sectors more efficiently to deliver better customer service jointly, as their market lines become increasingly blurred4.
You can improve how the industry conducts business by offering end-to-end logistics and supply chain services backed by secure digitalisation solutions. Maintaining the accuracy and authenticity of data flows across the global supply chain remains a challenge. Ensure enough protection for your data integrity, drawing lessons from the Maersk cyber security attack in 2017.
4: “Digitization Wave in the Shipping Industry”, Marine Insight, 1 September 2017
Transporting more than 90% of world trade, the shipping industry continues to play its part to conserve and sustainably use the oceans, seas and marine resources – one of the goals of the UN 2030 Agenda for Sustainable Development (“Agenda 2030”, Goal #14)5.
As part of maritime sustainability efforts, countries around the world are funding big data research efforts as well as development of green technologies and alternative fuels such as liquefied natural gas. These efforts aim to make their ships and ports “greener”, and reduce their vulnerability to fluctuations in fossil fuel prices.
You can increase your competitive edge by partnering big data research or green technology firms to offer customised solutions to your potential overseas customers.
5: “Global Maritime Leaders Discuss Ways to Make the Blue Business Greener”, MPA Press Release, 26 April 2018
Enterprise Singapore supports Singapore sea transport companies to explore opportunities locally and abroad with a suite of tools and programmes.
Find out how you can boost your capability, go global and develop talent to transform your sea transport business.