Event Summary: Trends & Business Opportunities in Maritime Singapore
Updated: Jul 2, 2021
On 22nd June 2021, maritime players from Denmark and Singapore came together for an info-webinar hosted by the Royal Danish Embassy in Singapore and Danish Maritime in collaboration with Singapore Maritime Institute, Keppel Offshore & Marine and Viking Life-Saving Equipment to discuss trends and business opportunities within Maritime Singapore. Below, we summarize main take-home messages and presentation material from the event
Download the programme:
Agenda & Line up of Speakers:
Maritime Collaboration between Denmark & Singapore by HE Ms. Sandra Jensen Landi, Ambassador of Denmark to Singapore
Maritime Collaboration between Denmark & Singapore
In her opening remarks, Ambassador Sandra Jensen Landi shared that Denmark is a country that places great emphasis on developing advanced green technologies and climate-friendly energy-solutions. The Danish maritime industry is world-leading globally and is famous for high-quality products and innovative solutions.
It is beyond doubt, that Denmark has set high ambitions for accelerating green development. Likewise, Singapore is taking a "holistic approach" to promote its maritime industry transformation - while aiming to become the world's greenest city.
Innovation is indeed critical to shape the future of the maritime sector and support decarbonization efforts, but the question is how to accelerate the adoption of innovative solutions? Here, Denmark and Singapore are natural partners.
Touching upon the global pandemic, Ambassador Sandra Jensen Landi noted that despite COVID-19 travel restrictions, which remain in place and pose a global concern for businesses, the Embassy of Denmark in Singapore is dedicated to assisting all Danish companies who consider traveling to Singapore for business.
Short Term Business Opportunities and Future Trends within Maritime Singapore
In his keynote, Dr. Sanjay C Kuttan pointed out that a key motivation for Singapore to transform its maritime industry is because of the country's status as a global hub port. Singapore's maritime sector consists of over 5,000 maritime establishments, and 170,000 maritime professionals contributing to 7% of the country's GDP.
Transforming an entire economic activity is never simple, and it has to be done in a very structured manner. The Five Thrusts outlined in Singapore's Maritime R&D Roadmap 2030 reflects a clear vision of Singapore's long-term maritime development. It illustrates how the country needs a holistic ecosystem approach, and most importantly, it requires the entire industry to be on board.
Innovation, an essential element of transformation, requires a robust educational foundation. Hence, Maritime Singapore is continually working on engaging Institutes of Higher Learning to collaborate and facilitate cross-border knowledge exchange to increase the level of skills in Singapore's maritime ecosystem.
In addition, Singapore Maritime Institute partners Institutes of Higher Learning and Research Institutes in Singapore to build capabilities relevant to the maritime industry. This is to ensure that industry needs are met and practical solutions are deployed for all relevant stakeholders.
The Future is Green - A Pivot towards Clean Energy
In 2021, Keppel Offshore & Marine (Keppel O&M) announced the transformation of its business to exit the drilling rig-building business and pivot more strongly towards offshore energy and infrastructure projects, which include providing cleaner energy solutions. This is in line with Keppel's Vision 2030 plans to support the energy transition and undertake higher value-adding and less low-margin activities with an emphasis on seizing opportunities in LNG solutions and renewables.
This transition is of no surprise. According to the International Energy Agency, conventional crude oil production is a sunset industry and close to reaching its peak. The peak oil, which refers to the point of maximum production, is likely to be seen by 2030 or 2040.
Keppel O&M has been pivoting beyond traditional upstream oil and gas products in the last few years and is committed to accelerating the adoption and use of cleaner fuels such as LNG, ammonia and hydrogen as an energy source in Singapore. It has leveraged its EPC expertise to develop offshore infrastructure solutions for the cleaner energy value chains.
Offshore support vessels such as Floating Accommodation Units, Cable Laying Vessels and Hybrid Tugs.
Offshore Wind Turbine Installation Vessels which support installation operations of wind turbines, foundations, jackets, tripods and monopiles.
Offshore Wind Farm Substations and Converter Stations.
Gas solutions including Floating Liquefaction Vessels, LNG Bunkering Vessels, development of Ammonia and Hydrogen as fuel.
Electrification solutions such as Floating Energy Storage, Electric craft kits and Green Yard operations which can test bedded on Keppel O&M’s Floating Living Lab.
Singapore aims to be an Asian hub for maritime decarbonisation R&D. Therefore, the alignment of knowledge and strategy within the sector is critical. Utilizing the know-how of governments, industries, and companies to achieve a win-win situation is a feasible way to move forward to a clean and green future. In this case, Denmark and Singapore, with a shared mindset about clean energy, will benefit by joining forces.
Brian Lee (Mr)
Group Corporate Communictation
Keppel Corporation Limited
DID: +65 6413 6429
Practical Considerations when Doing Business in Singapore
Mr. Olav Krabbesund from Viking Life-Saving Equipment shared that Singapore's transparent and well-respective legal system, political and economic stability has led to a dynamic and pro-business landscape that attracts a highly and culturally adaptive talent pool. As one of the top global players in the offshore and marine engineering industry, Singapore has also become Asia’s maritime law and arbitration hub. Every day there are abound 1 thousand vessels in Ports of Singapore, making it a country with abundant opportunities for business transactions at networking with an established trading ecosystem, shipping companies, shipyards, and maritime service providers.
Despite the lock-down in April 2020 to prevent further COVID-19 infections, the Maritime and Port Authorities of Singapore (MPA) has backed the entire maritime industry by creating robust practices and procedures to protect all onboard services proved to work efficiently. Especially during these times, it is crucial to apply technology and new approaches to secure existing clients and grow new ones.
“I truly believe that diversity is the driving factor behind Singapore’s success as a dynamic, thriving business hub.” - Olav Krabbesund
Phone: +65 8118 8717
Initiatives to Promote Danish Green Maritime Solutions in Singapore
The Trade Council of Denmark in Singapore is currently organizing events in collaboration with Danish Maritime and key ecosystem players in Singapore to further promote bilateral business opportunities.
Contact the Royal Danish Embassy in Singapore for more information about business opportunities and how Denmark seeks to inspire green transition in Southeast Asia:
Mark Edward Perry
Sector Expert at Royal Danish Embassy Singapore
Phone: +65 9088 5567
Join Green Denmark in Southeast Asia