Asia/Pacific News
Singapore Maritime Week 2016: Working Together is Crucial for Overcoming Shipping's Current Challenging State
The Maritime and Port Authority of Singapore (MPA) Sunday announced that Singapore Maritime Week (SMW) 2016 was officially opened with an address by Khaw Boon Wan, Coordinating Minister for Infrastructure and Minister for Transport, that stressed the importance of working together to overcome current market challenges.
"Amidst the global downturn in the shipping industry, SMW 2016 offers a platform for the industry to jointly address the challenges. If we work together, we can better overcome the problems," said Khaw.
Themed "Positioning for Future Growth," SMW 2016 runs from April 17 to 22, featuring a series of business events and public outreach activities.
On Monday, the event's annual Singapore Maritime Lecture took place, with international and local maritime experts discussing how organisations can navigate the shipping industry's current difficult conditions to find new opportunities.
"Sustained global economic weakness has led to demand and supply imbalances in the offshore and maritime industry," noted the MPA of the discussion, adding that Fitch Ratings reduced the global shipping outlook for 2016 from stable to negative in December 2015.
Teo Siong Seng, Managing Director Pacific International Lines, commenting during the discussion, said: "the current cycle we are experiencing is a 'new normal' that the industry has to adapt to, and businesses can do so effectively through innovation and transformation."
Last week, Ship & Bunker reported that the International Bunkering Industry Association (IBIA) will be hosting a gala dinner during SMW 2016, which will bring together "major players from the bunkering and shipping industry in Asia for networking and sharing of views."
