Singapore: More than 600 people flocked to the Raffles City Convention Centre last night for the annual Singapore Shipping Association Lunar New Year cocktail where Lui Tuck Yew, the republic’s minster for transport gave a cautiously optimistic speech on prospects for the industry in the Year of the Horse.
“Shipping companies continue to grapple with the perennial challenges of overcapacity, manpower constraints, high energy prices and new environmental regulations,” Lui noted, before adding: “However, it is not all doom and gloom. Many of us in the shipping community are now adopting a cautiously optimistic outlook for the new year, as the global economy shows signs of recovery.”
On the back of a record year for the country’s port, Lui promised the government was committed to the long-term growth of maritime Singapore.
“For maritime Singapore to continue growing, we need to maintain a strong tripartite partnership between the government, the industry and the unions,” Lui said. [07/02/14]