SINGAPORE: The Maritime Port Authority of Singapore (MPA) has formed a working group to promote more maritime listings on the Singapore Stock Exchange (SGX).
The work group, which also includes members of the Singapore Shipping Association (SSA) and SGX, aims to make Singapore a leading maritime financial hub.
SSA president Esben Poulsson said, “130 international maritime companies are located in Singapore and about 5,000 vessels are registered to the city-state; there is plenty of opportunity for the SGX to see maritime sector growth.”
He believes the SGX has the opportunity to play a bigger role than stock exchanges in New York and Oslo amid the softened global maritime equity market.
At present, the SGX has 62 maritime listings worth approximately SGD45 billion (USD32.5 billion), including 14 shipyards, 12 shipping companies, 3 shipping-related business trusts, and 33 offshore services companies.
Since 2013, the SGX has listed almost 70 maritime cluster bonds, raising more than SGD18 billion (USD12.9 billion) for Singapore-listed maritime entities from bond and equity markets.
