Improving prospects seen in 2014

MARITIME industry players and policymakers signalled an improving outlook for the sector this year underpinned by Asia's growth, as they gathered here yesterday for the biennial Asia Pacific Maritime (APM) 2014 exhibition and conference.

"We are at the cusp of a sustained recovery for the maritime sector," said Josephine Teo, Senior Minister of State for Transport and Finance, at the event's opening ceremony yesterday. "We have been seeing signs of recovery since the second half of 2013, with improved earnings particularly in the dry bulk and tanker segments. This has been driven by the recovery of advanced economies like the United States and Europe as well as continued growth in Asia and emerging markets."

Ms Teo added that since Asia was poised for continued growth, the region would be the "key engine behind global trade growth, both today and in the medium term".