Recent oil spill could raise Singapore maritime sector costs as industry ponders risk mitigation moves

COSTS for the shipping and maritime sector in Singapore could go up following the recent oil spill, as the industry assesses if further risk mitigation measures are needed to prevent another similar disaster.

These are some of the medium and longer-term economic impacts of the oil spill on the shipping and maritime sector, analysts and observers told The Business Times.

There could also be implications on the wider economy in the future, but they said that the immediate economic hit on Singapore is limited, as the authorities responded to the oil spill quickly, leaving little room for reputational damage. Government agencies also gave an assurance that port operations and fish farms remain largely unaffected, at least in the near-term.