Singapore Dominates Maritime Industry in SE Asia
Maintaining its strong position as the leader of the maritime industry in South East Asia, Singapore does not disappoint.
Singaporean Eastern Pacific Shipping came in first as the largest shipowners by market value in the South East Asian region.
The Singapore flag, with its strict adherence to international environmental and safety record and government policies that made it attractive for shipowners such as offering tax incentives, made it the top flagged country in the region. With the market value of Singapore flagged vessels at USD $57.6 bil, with Malaysia flagged vessels at USD $6.2 bil at a far second.
Being the maritime hub of the region has also attracted many companies to set up their regional HQ in Singapore, which has resulted in the market value of fleet with the owner country being Singapore making up 68% of the total fleet of all South East Asian countries.
Reputable yards which build quality vessels, such as Keppel FELS, ASL Marine, Jurong brought the total value of our newbuilding orderbook at USD $4.17 bil, which is followed by the orderbook of the Philippines yards at USD $1.1 bil.
Having seen the busy ports and vessels that are just lying off the coast growing up, I have always been impressed by these beautiful beasts. In the age of digitalisation, to be able to work in a maritime tech company like VV is an eye-opening experience. Just only a decade ago, terms such as “maritime technology” was considered an oxymoron. Thankful to be at the right place, at the right time.
Zheng Yang Cheng is VV’s Offshore Analyst based in Singapore.
Source: VesselsValue April 2019
Disclaimer: The purpose of this blog is to provide general information and not to provide advice or guidance in relation to particular circumstances. Readers should not make decisions in reliance on any statement or opinion contained in this blog.