Singapore's Marine Industry Posts $ 1 . 9 Billion Growth

Singapore's marine industry saw a record 38 percent growth in 1991, with local shipbuilding, ship repair, offshore rig construction and related marine businesses earning $1.9 billion.

The demand for harsh environment rigs and increased offshore repair and maintenance contracts from China gave the industry's rig-building segment the largest gain of 125 percent.

The shiprepair industry grew by 50 percent as many ships avoided the Persian Gulf during the war and came to Singapore.

In 1991 Singapore secured 64 supertanker- repair contracts equating to 60 percent of the world repair market.

Singapore's container throughput jumped by 22 percent in 1991 to 6.35 million TEUs, making it the largest container port in the world. To maintain its international position, the Singapore government plans to spend $200 million on the construction of a fourth container terminal. Work is to begin in 1993 on reclaiming 300 acres of land from the sea over a three year period.

As another related example of the country's economic optimism, Keppel, one of Singapore's leading shiprepair corporations, is forming a joint venture with Arab Heavy Industries (AHI), of Ajman, United Arab Emirates, to undertake floating repairs in the Middle East. Keppel is also negotiating for acquisition of Sri Lanka's Colombo dockyard.

Other stories from July 1992 issue

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Maritime Reporter

First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.