Singapore might be small as a country, but it boasts of being an economic and financial capital of the world. In addition to New York, London, Shanghai, and Dubai, Singapore has slowly emerged as a key player in the world’s economic scenario. One industry, which has contributed in a major way towards making Singapore a global destination, is the maritime or shipping industry. For a very long time, the shipping and maritime industry in Singapore has been a mainstay of the economy.

In this article, we will look at some top facts about the maritime industry in Singapore, which many are unaware of. We will also look into some key factors, which have contributed to making the maritime industry grow leaps and bounds in the past few years.

Singapore’s Maritime Industry: A Vibrant Hub of Commerce

Many are unaware of the fact that Singapore is Asia’s gateway to the world. Most countries in North America, Europe and the Middle East have their offices in Singapore, as the country has always been beneficial in relaxing numerous taxation policies.

The shipping industry has benefitted in a major way from this. Being considered as a gateway means that all shipping trades, which are on route to Australasia pass through Singapore.

In terms of generating employment opportunities, Singapore’s maritime industry is a leading employer.

The Singapore Port is one of the world’s most advanced cargo handling ports in the world. It used advanced technological procedures to handle millions of tons of cargo every single year.

According to experts, when it comes to port activities, shipping maintenance, servicing of heavy machines like Atlas incinerators, the maritime industry in Singapore is one of the best-equipped ones.

The use of automation, Blockchain technology and data analytics has transformed the post into being one of the world’s most efficient ones.

Top 5 Facts about the Maritime Industry of Singapore: The List

1. It was established in the 1800s

The Singapore maritime industry is one of the oldest business and commercial setups in the world. Sir Stamford Raffles established it in the 1800s. The exact year, when operations started commencing in the port was in 1819. Ever since then, it has become a global economic and commercial trading hub in the world.

2. It is the World’s Busiest Port

According to official figures, the Singapore Port handles the largest amount of cargo in the world by tonnage. In 1982, Singapore crossed the one tonnage figure. By 1990, the same went up to five million. In 1995, the port handled more than ten tonnages of cargo. It has also set up a new independent operation in China in the late 1990s.

3. It houses more than 5000 Shipping Businesses

Singapore enjoys the distinction of being the global headquarters of some of the biggest names in the shipping and maritime industry. It has offices of more than 5000 companies that are directly or indirectly related to the shipping or maritime ecosystem. In terms of employment, these 5000 companies generate a massive level of workers.

4. It is the most Sustainable Maritime Model

Singapore’s commitment towards making the seas a greener and cleaner place has made it the world’s most sustainable green maritime model. In 2011, more than 90 shipping companies in Singapore came together and signed a Green Pledge committing themselves to the environment. Shipping companies have saved more than $20 Million dollars in tax waivers by committing to the use of green technology in shipping.

5. It contributes to 7% of total GDP

The shipping and maritime industry are one of Singapore’s most economic resources. According to data, the total worth of the entire maritime industry in Singapore is 7% of the total GDP. This is a huge percentage by any stretch of the imagination. With more than 130,000 ships frequenting Singapore annually, this percentage is expected to rise in the future.

Conclusion

There is no doubt that the shipping and maritime industry in Singapore is flourishing. Part of the reason for the same is the pro-active and beneficial policies of the government. These policies have been instrumental in encouraging businesses to invest in the maritime industry in Singapore.