At the Maritime Services Leaders Forum during Singapore Maritime Week 2024, global leaders discussed the evolution of maritime services toward digital and sustainable futures.

The third edition of the Maritime Services Leaders Forum (MSLF), a pivotal event during Singapore Maritime Week 2024, took place on April 18, hosted by the Maritime and Port Authority of Singapore (MPA). The forum attracted over 200 industry leaders worldwide to deliberate on the maritime sector’s digital and ecological transformation. Mr. Teo Eng Dih, Chief Executive of MPA, emphasized the necessity for the maritime services cluster to adapt, focusing on emerging issues such as alternative fuels and their implications on shipping contracts.

A Distinguished Speaker Series, conducted by the Singapore Chamber of Maritime Arbitration (SCMA) on April 17, also highlighted the business and legal ramifications of using alternative fuels in shipping. Sergio Mujica, Secretary-General of the International Organization for Standardization, noted Singapore’s role in developing standards that could shape future ISO guidelines.

Singapore’s growth as an International Maritime Centre continues robustly, with over 180 international shipping groups and numerous support services, including shipbroking, legal, and financial sectors. Recent expansions by leading firms like SSY and Braemar reflect the region’s increasing influence in maritime finance.

Legal frameworks and government support have propelled Singapore as a dispute resolution hub, with innovations like the SICC Jurisdiction Model Clause facilitating international arbitration under Singapore law. The SCMA’s recent activities, such as hosting the International Maritime Law Arbitration Moot and preparing for the International Congress of Maritime Arbitrators in 2026, further demonstrate Singapore’s commitment to maritime legal excellence.

Furthermore, the upcoming International Union of Marine Insurance conference in 2025 in Singapore will bring global marine insurance leaders together to address sectoral challenges.

The development of national standards for alternative fuel bunkering, such as methanol and ammonia, by MPA and Enterprise Singapore, is poised to enhance safety and operational efficiency, supporting the maritime industry’s shift to greener fuels.

Singapore’s continued recognition as the leading maritime hub in the DNV and Menon Economics report underscores its ongoing commitment to innovation and partnership in the maritime sector.

Source – MPA