BW Group chairman Andreas Sohmen-Pao has been appointed chairman of a newly set up committee to chart the future directions of Singapore as an International Maritime Centre (IMC).
Mr Sohmen-Pao will head up the IMC 2030 Advisory Committee established by the Maritime and Port Authority of Singapore (MPA).
The committee will review Singapore's IMC development strategy and identify new growth areas to enhance the Republic's long-term competitiveness and value proposition as an IMC.
MPA said the rapidly evolving global economic environment poses both opportunities and challenges for Singapore's development as an IMC.
Emerging trends in the maritime and logistics sectors such as smart ships and ports, data analytics, digital platforms and other new technologies are disrupting traditional business models and creating new value chains. To be better positioned for future growth, Singapore would need to stay nimble and adapt to new industry paradigms.
MPA said the IMC 2030 Advisory Committee will focus on these new developments and identify cross-sector growth opportunities to strengthen Singapore's position as a leading IMC.
Singapore's IMC, which comprises the shipping and maritime services sectors, has grown considerably over the years. In 2000, there were only about 20 international shipping groups with origins from countries including China, Denmark and Norway which had offices in Singapore.
Today, Singapore has one of the highest concentrations of international shipping groups, and is home to more than 130 international shipping groups as well as leading players in ship management, finance, broking, insurance, law and arbitration.
The latest Xinhua-Baltic Exchange Shipping Centre Development Index published in 2016 ranked Singapore as the top shipping centre among 43 global maritime hubs. Singapore was also ranked first place as the world's leading maritime capital in the last study conducted in 2015 by Norwegian consulting firm Menon Economics, which benchmarked the top maritime cities around the world.
Globally, Singapore is known as one of the world's busiest ports and a top bunkering port.