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Maritime

Singapore’s story has historically been a maritime story, one that stretches as far back as the 2nd century. Archaeologists have uncovered evidence that suggests Singapore was already a flourishing trading port more than 500 years ago.  Singapore’s port was and remains an important driver of Singapore’s connectivity and competitiveness. The Singapore Government continues to make significant investments in our port infrastructure as part of the Next Generation Tuas Port, to ensure that Singapore retains its leading position as a global hub port.
 

Singapore has also grown beyond a physical port to become a vibrant International Maritime Centre (IMC), home to one of the highest concentrations of international shipping groups and global maritime service providers.

The maritime sector is here to stay, with shipping continuing to be the most efficient and environmentally-friendly mode of transport for the world’s goods. A sea of opportunities awaits. 

Growth Opportunities

The maritime industry in Singapore comprises over 170,000 employees, and accounts for approximately 7% of our country’s GDP. More than 5,000 maritime-related establishments call Singapore home to their businesses, which range from shipping, port-related activities, maritime services, to offshore and marine engineering services.

As the Singapore Maritime Cluster continues to grow in size, diversity and vibrancy, more job opportunities are created due to the increased demand in the market for various maritime services to support its growth.

For example, Singapore continues to be an attractive location in Asia for companies in shipping, ship finance, shipbroking and marine insurance. It is also fast becoming Asia’s hub for maritime law and arbitration.

With the advent of Industry 4.0, technology is transforming maritime businesses and value chains. Ports are getting highly automated, ships are  becoming smarter while business processes  get increasingly digitalised. Skill sets and knowledge in areas like systems engineering, data analytics, cyber security and green shipping will  thus become more important as the sector continues to transform.

Fun Facts

  • In today’s interconnected world of commerce, more than 90% of the world’s trade is carried by sea.
  • At any one time, there are about 1,000 vessels in the Singapore port.
  • About a million visitors cruise into Singapore annually.