O&M features strongly among S'pore's richest

EVEN though the shipping sector is facing major headwinds, it is still an industry that accommodates some of Singapore's wealthiest people.

As many as six of the individuals on "Singapore's 50 Richest" list come from the shipping and related fields, including offshore, oil & gas and logistics services, having accumulated their wealth in these segments.

The top shipping magnate on the list recently published by Forbes magazine is the co-founder of Pacific International Lines (PIL), Chang Yun Chung, who is in 12th position with a net worth of US$2.1 billion. Also known as Teo Woon Tiong, the 95-year-old father of former Nominated Member of Parliament (NMP) and chairman of the Singapore Business Federation (SBF) Teo Siong Seng, co-founded PIL in 1967, growing it to one of the largest shipping companies in the world w…