Singapore: Ensuring Singapore has every facet of maritime licked, Patrick Phoon, president of the Singapore Shipping Association (SSA), vowed Friday to bolster the republic’s finance and insurance sectors. Speaking at SSA’s annual dinner in front of a record 2,400 people, Phoon said shipping insurance and finance were “the last two pillars” for Singapore to be a premium international shipping centre. With this in mind working groups have been set up to look at founding a local war risk mutual association as well as developing the country’s ship finance capabilities.
The SSA now has 478 members, Phoon revealed. Also in his speech Phoon stressed the importance of getting the next generation interested in shipping. “Without the young the industry cannot grow,” he warned. [29/09/14]