Over the last few weeks, we have been sharing our thoughts about the implications of the global pandemic on our sector, especially concerning SE Asia and Singapore. We are fortunate to have one of the most stable economies in the world, with no net debt and high government revenue. We are also the world’s top maritime capital but we remain a small island nation whose fortunes are equally dependent on the ebb and flow of the wider global economy.
In our blog last week, we shared some thoughts on the “new normal” we’re facing in the maritime sector; as we begin to emerge from the pandemic crisis of the last 6 months, the risks to global trade and the benefits of digital disruption have come to the fore. Today, we’re looking at one of the early winners in all the chaos. If there is one aspect of life that is benefiting from the COVID19 pandemic, it’s the environment.
On our first day returning to work after the Chinese New Year holiday, the team here gathered to begin executing our business plan for the year ahead.
Suddenly, out of nowhere, we were blind-sided by the wrecking ball of COVID19 which took root in Singapore in late January, and with that, we had to begin accepting that perhaps we were no longer quite masters of our business destiny.
The biggest ever shake-up in Singapore’s shipping industry is set to come into force in less than a months’ time. In fact, all over the world, maritime regulators, ship owners, port authorities and countless stakeholders are feverishly preparing for January 1 2020.