SINGAPORE: The Singapore Maritime Foundation’s newly inaugurated chairman, Andreas Sohmen-Pao, believes Singapore will continue to have a great role to play as a trading hub even if the island-nation has been overtaken by Shanghai as the No 1 port in the world.
Shanghai overtook Singapore in container throughput in 2010.
While a BMI report has warned that Singapore does not stand to recover its No 1 position from Shanghai anytime soon, Mr Sohmen-Pao argues that the focus should not be on reclaiming the top spot.
“The market is limited in size (so) our best opportunities are in facilitating flows in the region,” the new SMF chairman said.
“As the pie grows (for world trade), there is a role Singapore can play as a trading hub; it is not as important to focus on being the No 1 or 2 (port),” he remarked.
He is looking at Singapore as a total package, not just as a hub for maritime but also for air and banking services.
To retain the hub position, Singapore will need to attract good talent, maintain an open economy and upkeep trustworthiness in its institutions.
The ability of the maritime sector to attract and retain good talent, in particular, is one of the keys to the continued success of Singapore as a port nation.
This has come under challenge of late with the industry facing a brain drain from massive job cuts resulting from a double whammy of weak demand and an over-supply in tonnage across most sectors.
More than 100,000 jobs were reportedly cut in the offshore marine sector, which was hit by delays to exploration campaigns and field developments amid an environment of persistently low oil prices.
Container shipping companies have also been retrenching as slowing trade hit freight rates. In November, the world’s top container shipping company, Maersk Line, said it would cut 4,000 jobs by 2017.
Against this unfavourable macro-environment, Mr Sohmen-Pao urged industry players to take a longer-term view and continue to groom young talent by extending internships to fresh graduates.
Mr Sohmen-Pao, who also heads BW Maritime, expressed optimism that the industry still has room for young people, given that a number of sectors such as tankers and LPG or gas shipping are still holding up.
SMF is playing its part at the start of the new year in grooming and retaining talent in the sector with the setting up of the Maritime Singapore Connect Office.
The MSC Office aims to give Singaporeans easy access to maritime job openings and information on maritime education and training options. It falls under the SkillsFuture-related initiatives launched by a Maritime and Port Authority of Singapore-led Sectorial Tripartite Committee for Transport.
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