For International

Australia and Singapore’s shipping sector mirror each other

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In his speech to the guests at a maritime industry networking reception held recently, HE Philip Green, Australian High Commissioner to Singapore said “having a long coastline and the need to move freight around it accentuates the critical role the shipping industry plays in Australia’s continued prosperity.”

Shipping is a crucial industry to both nations – Singapore’s prosperity is built on its status as one of Asia’s great entrepots, and Australia is one of the world’s great exporting nations.

With this in mind, the Australian Trade and Investment Commission (Austrade) in Singapore and the Maritime Industry Association Ltd (MIAL) organised a maritime industry networking reception.  The guest turnout was reflective of the strong interest by the Australian and Singapore maritime communities to engage and strengthen their networks.  The guests on that evening comprised Australian and Singaporean senior representatives from major shipping lines, the offshore oil and gas sector, charterers, and ship owners.  MIAL was represented by a number of prominent industry figures from Australia including its Chairman, Mr Noel Hart.

The Australian shipping industry contributes about A$9 billion (direct) and A$11.8 billion (indirect) to the country’s GDP.  The industry ranges from shipbuilding to services to shipping/offshore oil and gas. Australia is now responsible for the world's fifth largest shipping task.

Singapore and Australia are also signatories to the International Maritime Organisation’s International Ship and Port Security code, which will enhance the port and ship security of both countries. After the signing of the Comprehensive Strategic Partnership agreement in June 2015, there is an even larger role for the shipping industry due to the expected increase in flow of trade between Australia and Singapore that will arise from this partnership.  The ASEAN Economic Community (AEC), Trans-Pacific Partnership (TPP) and Regional Comprehensive Economic Partnership (RCEP), will all add impetus and momentum for the continued growth of the vibrant shipping sector into the future.

Contact singapore@austrade.gov.au to communicate with our industry specialist to explore ways Austrade can assist you pursue business collaboration with Australian companies in the marine industry.