Singapore will pursue two new initiatives to secure its position as a global maritime hub, according to Senior Minister of State for Transport and Health Dr. Lam Pin Min.
Speaking at the Singapore Shipping Association’s (SSA) Lunar New Year Reception, Min outlined plans to upgrade Singapore’s national war risks insurance facility, as well as a project to facilitate inter-operability across more digital solutions.
The Singapore War Risks Insurance Conditions (SWRIC) is an enhancement of the Singapore War Risks Mutual (SWRM), which is available to SSA members regardless of the ship’s flag and covers vessels against war risks, hull war risks, detention, and diversion expenses.
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The SWRM will be augmented by SWRIC, a more comprehensive set of insurance conditions to protect against existing war conditions in the marketplace today.
In addition to this, the SWRIC are the first insurance conditions to be written from a shipowner’s perspective, addressing important risks that are felt by the global shipping community.
Dr Lam Pin Min, Senior Minister of State for Transport and Health, unveiled two initiatives to strengthen Singapore's standing as a leading global maritime hub at the Singapore Shipping Association's Annual Lunar Cocktail Reception this evening.#MPA #maritimesg @ssa_office pic.twitter.com/2R3mr7WOa2
— MPA Singapore (@MPA_Singapore) January 22, 2019
An attempt is also being made to further digitalization within the maritime sector, supporting the global supply chain and boosting inter-operability throughout the worldwide shipping community.
The signing of a three-party Memorandum of Understanding (MOU) in January 2018, between MPA, SSA and Singapore Customs, agreed to explore the benefits of digitalizing trade and maritime documentation such as Bills of Lading for the industry.
The three parties will now collaborate with the Info-communications Media Development Authority (IMDA) to develop a new inter-operability framework for digital solutions developed by various consortiums.
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Lam Pin Min commented further on the initiatives: “The close partnership between the Government, the industry and SSA is a unique competitive advantage for Singapore.
“We must continue to strengthen this partnership. This will enable Maritime Singapore to stay relevant and competitive.”