For an industry that has struggled since oil prices crashed in 2016, digitalisation is key to restructuring the seemingly old-fashioned sector in preparation for a tech-enabled future.
SINGAPORE (May 28): At the Singapore Maritime Week in April this year, the government showcased the future of the maritime industry – one that envisions technology playing an instrumental role keeping Singapore’s ports relevant in face of regional competition. Minister for Trade and Industry, Chan Chun Sing, emphasised that for Singapore to truly succeed as a maritime hub, physical trade must be seen as part of a multi-faceted ecosystem that includes data, talent, technology and finance flows. The industry will need to embrace change in order to bring this dynamic, connected ecosystem to come to life.
The maritime sector’s Industry Transformation Map, which was launched in 2018, aims to grow the industry's real value-add by $4.5 billion and create over 5,000 good jobs by 2025 using automation and digitalisation.
