Shipping needs a tech revolution

THE ocean is the highway of international trade. With more than 90 per cent of the world's goods transported across waters, the global shipping industry helps you turn on your lights, cook your favourite meal and even put petrol in your car. But that's not the only contribution the industry makes. It is also the lifeblood of many local economies.

In Singapore, the industry employs some 170,000 people and contributes around 7 per cent to the country's gross domestic product (GDP), while in Hong Kong, it accounts for more than 25 per cent of the city's GDP. In the Philippines, the maritime industry contributes over US$5.2 billion annually to the country's foreign-exchange remittance and employs more than half a million Filipino seafarers.

Shipping is one of the world's most important industries and as projections suggest global seaborne trade could double by 2030. Its role in driving local, regional and global economic growth will continue to increase. But it's not all smooth sailing. All eyes are on the environmental performance of the industry, which is facing stricter regulation in two key areas - emissions that are directly harmful to society and greenhouse gas emissions that threaten the balance of our planet's ecosystems.