AT ANY one time there are about a thousand vessels in the Singapore Port. Statistics show that every two to three minutes, a ship leaves or departs to, or from, 600 ports across 120 countries.
Shipping is a global business sensitive to the state and swings of the world economy. It connects ports and countries for many companies pursuing activities like importing raw materials and exporting to new consumer and wholesale markets.
Economic efficiency has become an important by-product of global trade. The World Trade Organisation (WTO) postulates that global trade provides for a more prosperous, peaceful and accountable economic world.
Trade is also measured and gauged like economic growth. In the...