Forging Ahead - Singapore Shipping Association

The Singapore Scene
In spite of the global economic downturn,
Singapore’s maritime industry continued
to grow. Singapore has remained an
important and major hub port in the
world with ships’ calls of just over 5
billion gross tons (GT) in 2008. The Port of
Singapore has also handled more than
29.9 million TEUs of containers in 2008,
maintaining its lead as the world’s largest
container port.
The Singapore Registry of Ships (SRS) is among the
top ten registries in the world with a fl eet of more
than 3,800 vessels totaling 43.7 million gross tonnes.
Besides having a young fl eet, the SRS is well known as
a quality registry with high standards.
The bunkering industry in Singapore also performed
relatively well continuing its lead as the largest
bunkering port in the world with more than 34.9
million tonnes of bunkers delivered last year.
All the above developments reinforce Singapore’s
important role as an International Maritime Centre
(IMC) that contributes to the global economy.
When the shipping market started to deteriorate in
the third quarter last year, the Association quickly
organised an urgent meeting on 18 November 2008.
The high level meeting was attended by selected
members from the Association’s wide spectrum of
membership – bulk, container and tanker companies,
ship management and ship broking companies,
marine insurance, ship fi nance and terminal
operators. The aim of the meeting was to address
the immediate concerns and to propose measures
to jump-start a quick recovery for the Singapore’s
shipping industry.
The meeting proposed that companies should focus
SS S
A SS5
on training, upgrading and re-skilling to improve the
effi ciency of their staff. The Government could stand
guarantee for trade fi nance, offer more tax relief
and waive withholding tax on mortgage interest
for Singapore-fl agged ships, as part of an effort to
restore confi dence in global trade. This is crucial to
long-term stability, rather than simply relying on
short-term fi xes like handouts. Government agencies
were also strongly advised to defer any statutory costs
increase under their control.
Your Association
Despite the depressed market, the Association’s
membership has continued to grow steadily.
As of 23 June 2009, the SSA membership stood at 362
members, 221 of which are Ordinary Members, 138
are Associate Members and 3 Individual Members. Mr
Yeo Cheow Tong and Mr Ong Kok Wah are honorary
SSA members.
The Association’s Young Executives Group (YEG),
which celebrated its 3rd anniversary in March this
year, now stands at 555 members. A group of 8
Young Shipowners also joined the 19 – member SSA
delegation to the 18th Asian Shipowners Forum in
Tainan, Taiwan on 25 – 27 May 2009. We hope that
these young members of our Association will continue
to make enthusiastic and positive contributions to
Singapore’s shipping industry.