Splash identifies areas Singapore could bolster to ensure it remains a leading maritime hub. There’s never been any complacency when it comes to Singapore’s maritime dominance. The authorities working with the private sector are constantly looking at areas to improve the republic’s hub status, never satisfied with sitting still, acutely aware of how other maritime cities have faded thanks to hubris. Singapore remains the world’s leading maritime hub according to multiple global surveys, including the detailed 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics. The city-state is expected to hold this position for at least the next five years, the report maintained. Dr Shahrin Osman, co-author of the report, said: “Singapore is undoubtedly the world-leading hub at the forefront of the maritime industry. It appears unaffected by the many changes currently sweeping the sector and is expected to maintain its top spot for the next five years through its implementation of a consistent strategy for innovation and its investment into green transformation and digital technologies.” An international maritime centre while possessing the key elements of the ecosystem is also one that is evolving taking into account changes in the external environment. “We need to be watchful of such developments,” admits Tan Beng Tee, executive director of the Singapore Maritime Foundation, who has done more than most to put Singapore on the maritime map this century. She sees areas for improvement in the technology and startup space. Insurance Also, as the global environment becomes more complex, an area Tan suggests Singapore still needs to focus on would be around services such as finance, legal and insurance which has been similarly identified in the latest DNV-Menon Leading Maritime Cities of the World report. “Specifically, we could do more in marine insurance,” Tan says. This means that the country needs to be able to continue to attract experts globally to Singapore to augment the republic’s capabilities. In tandem, the country needs to upskill the local workforce so they have a good foundation in this profession and be able to handle more complex transactions. To this end, SMF and the International Group of P&I Clubs (IGP&I) signed a memorandum of understanding in April this year to cooperate in the promotion of education and training of marine liability to the Singapore talent pool. As part of the cooperation, SMF and IGP&I will work together to design and deliver professional development courses on topics related to marine liability such as introduction to protection & indemnity (P&I) insurance, limitation regimes, claims case studies, safety at sea, liability and compensation, and more. We could do more in marine insurance “Singapore aims to solidify its maritime supremacy by investing in talent, technology, and financial services,” says Ryan Kumar, managing director of Direct Search Global, a recruitment firm. A skilled workforce, digital innovation, and a robust maritime financial ecosystem are crucial for sustaining growth, he tells Splash. Expanding maritime insurance is key to this strategy, Kumar says in agreement with the SMF boss. “By creating a favourable environment for insurers and developing innovative products, Singapore can become a global insurance hub. This will not only attract more shipping businesses but also enhance the city-state’s risk management capabilities, further cementing its position as a maritime leader,”