Singapore Dominates Maritime Industry in SE Asia
To celebrate Singapore Maritime week, we’ve created an infographic looking at the shipping market in South East Asia. Our Offshore Analyst Zheng Yang Cheng, who grew up watching Singapore transform and is based in our Singapore HQ, looks at how the country compares to the rest of South East 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 shipowner by market value in the South East Asia region.
With its strict adherence to international environmental and safety requirements, the Singaporean flag is popular with shipowners due to attractive government policies such as tax incentives, which make it the top flagged country in the region. With the market value of Singapore flagged vessels at USD 57.6 billion, Malaysia is a long way behind in second place with USD 6.2 billion of flagged vessels.
As the maritime hub of the region, many companies have set up their regional HQs in Singapore. This has resulted in the market value of Singapore-owned fleets comprising 68% of the total South East Asia fleet.
Reputable yards which build quality vessels, such as Keppel FELS, ASL Marine and Jurong, brought the total value of Singapore’s newbuild orderbook to USD 4.17 billion, which is followed by the orderbook of yards in the Philippines at USD 1.1 billion.
“Having seen the busy ports and vessels lying just 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 a decade ago, terms such as ‘maritime technology’ were considered an oxymoron. I’m thankful to be in the right place, at the right time.”
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.