The annual Singapore Maritime Lecture took place earlier today under a different format, with a high-level panel discussion. Kristian Siem, chairman of Siem Industries gave a keynote lecture on the offshore industry in which he stressed the key to survival these days was in saving cash. “The global economic environment we operate in today is challenging, and overbuilding of rigs and ships in the early 2000s has led to imbalances in supply,” said the Norwegian tycoon before adding: “However, the offshore industry continues to hold a bright future, and with the right leadership, we will be able to steer through the dark tunnel.”
Siem then joined in a panel discussion where one of the speakers Teo Siong Seng, managing director of containerline Pacific International Lines (PIL), commented: “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.”
The Singapore Maritime Lecture forms one of many events taking place during Singapore Maritime Week.