Heng Swee Keat Highlights Need for Continuous Maritime Investment

Source: www.gulfoilandgas.com 4/4/2022, Location: Asia

1. The Singapore Maritime Week (SMW) 2022, organised by the Maritime and Port Authority of Singapore (MPA), opens today with thought-provoking dialogues by leaders and industry heavyweights at the 16th Singapore Maritime Lecture and the SMW Leaders’ Perspectives. These critical discussions explore the transformative opportunities within the maritime industry, diving deep into how global shifts will impact supply chains and trade flows in the near future.

2. Deputy Prime Minister and Coordinating Minister for Economic Policies, Singapore, Mr Heng Swee Keat delivered the keynote address titled ‘Riding out storms and seeking new opportunities - The maritime sector in a time of change' on how Singapore, as a global maritime hub, is responding to global challenges impacting the maritime sector. Mr Heng highlighted three key areas that the global maritime sector must focus on and how Singapore can contribute to these transformation efforts - the need for continuous maritime investment, digitalisation for efficiency, and decisive green transition.

3. Mr Heng then joined a fireside chat with Mr Hor Weng Yew, Chairman of the Singapore Maritime Foundation. They discussed how Singapore can continue to grasp new growth opportunities and build on its position as a maritime hub, and a range of issues such as building resilience, decarbonisation, digitalisation and maritime talent.

Leading industry representatives at SMW Leaders’ Perspectives tackle transformation in sustainability, finance, and talent
4. Following the fireside chat, the SMW Leaders’ Perspectives panel discussion titled 'Views from the Top: Building the Case for Transformation in Sustainability, Finance and Talent’, expanded on how the pandemic has accelerated the move towards the increased adoption of digitalisation over the past two years.

5. The panellists, comprising Mr Andreas Sohmen-Pao, Chairman, BW Group, Mr Jeremy Nixon, Chief Executive Officer, Ocean Network Express, Ms Aw Kah Peng, Chairman, Shell Singapore and Mr Stephen Fewster, Global Head, Shipping Finance, ING, shared their insights on how businesses should organise themselves to accelerate decarbonisation over the next five years, and how innovation and talent management can be tapped on to address such transformation needs. The panel discussion was moderated by Mr Rashpal Bhatti, Vice President of Maritime and Supply Chain Excellence, BHP.

Sea Transport Industry Transformation Map Refresh
6. The Sea Transport Industry Transformation Map (ITM) Refresh was also launched. This ITM is amongst the first of 23 ITMs to be refreshed and lays out the blueprint and key strategies needed to propel and grow the maritime amidst the ongoing global challenges. A tripartite committee will also be launched to steer the execution of the ITM. More details on the Sea Transport ITM Refresh will be provided in a separate media release.

7. The Sea Transport ITM was first developed by MPA in partnership with the industry, unions, and other government agencies in 2018. It amplifies MPA’s strategic long-term plans to develop Singapore’s Next-Generation Port and strengthen our International Maritime Centre to achieve our vision for Singapore as a global maritime hub for connectivity, innovation and talent.

Developing Oceans-X API Marketplace platform
8. MPA also commenced the development of the Open/Common Exchange And Network Standardisation Application Programming Interface (API) eXchange (OCEANS-X) platform, a common marketplace for data consumers, providers and app developers to search, subscribe and deploy Government-to-Government (G2G) and Business-to-Government (B2G) APIs easily and quickly, so that systems can connect digitally. This will enable connectivity between port authorities, terminal operators, shipping lines, logistics service providers and government agencies to facilitate port call optimisation and strengthen supply chain resiliency.

9. With the OCEANS-X API marketplace, MPA envisions an ecosystem where maritime systems can truly interoperate with each other for G2G data exchanges and B2G regulatory submissions and enable new ways of data collaboration and innovation to take place. For example, the port clearance API specifications launched by the digitalOCEANSTM MoU partners in November 2021 could further automate the submission of port clearance applications with potential savings of an estimated 100,000 annual man hours for the industry by 2025 with progressive industry adoption. The marketplace will also accelerate innovation and level the playing field for marinetech companies, start-ups and small and medium enterprises where they can tap on the ready digital infrastructure to increase their business outreach and opportunities.

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