Maritime sector needs help to ride out storm

THE raging and persistent turbulence in the maritime sector has destabilised not only many industry players, but also minority retail shareholders and noteholders, who have suffered as restructuring efforts have been lacklustre and futile.

It started with Swiber, Swissco, Rickmers and then Ezra. The spotlight is now on Marco Polo Marine and Nam Cheong. What do they have in common?

In their heydays, they were market darlings, courted by banks, followed by analysts, and loved by shareholders and bondholders with insatiable appetite to "invest" in their future and share the rewards. Risks were far from their minds. What could have possibly gone wrong?

According to the 2017 Menon Report, world's second-largest port Singapore is the top maritime capital, ranking No 1 in shipping, ports and logistics, and attractiveness and competitiveness - particularly due to its strategic geographical position and its role as a strategic centre for commercial management. This is the third time Singapore took pole position, after 2012 and 2015. In this latest survey, Singapore also scored high in maritime t…