Record 2008 for Singapore marine and offshore industry

Singapore: Michael Chia, president of the Association of Singapore Marine Industries (ASMI), reports that the the republic's marine and offshore sector produced a record turnover of S$15.4bn in 2008, up 18% over the previous year’s S$13.05bn.

Output from the offshore sector in particular soared to $7.39bn, 49.1% year-on-year to account for 48% of the industry’s total turnover, overtaking shiprepair and conversion as the lead sector. Ship repair and conversion’s contribution to the industry’s total output dipped by 6% from 48% in 2007 to 42% in 2008 as the shipyards focused on the higher value add offshore rig projects. However, higher earnings saw the sector’s revenue rising to S$6,468m in 2008. This was S$204m or 3.26% more than the S$6,264 million achieved in 2007. This healthy figure wass attributed mainly to the large number of FPSO/FSO projects undertaken and completed during the year. The shipbuilding sector by contrast registered a decline in output by 16.35% despite more vessels launched during the year. Its output of S$1.53bn in 2008 accounted for 10% of the industry’s total turnover. Port statistics from the Maritime and Port Authority of Singapore (MPA) showed a total of 6,588 vessels called in Singapore for repairs in 2008 which was 9.89% or 593 vessels more than the 5,995 vessel calls recorded in 2007. Their total gross tonnage was 43.26m grt, 31.4% higher than in 2007.
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