SINGAPORE: Digitalising the shipping industry can enhance global trade, but it will require stakeholders around the world to cooperate, said Senior Minister of State for Transport and Foreign Affairs Chee Hong Tat.

 

As supply chains are becoming increasingly complex, with many parties spanning multiple countries, he said shipping is a key component, as it carries 80 per cent of the world’s trade.

 

Mr Chee was speaking at the Future of Shipping-Digitalisation webinar organised by the International Maritime Organisation (IMO) and Maritime and Port Authority of Singapore (MPA).

 

During the session, the Port Authorities Chief Information Officer Cybersecurity Network was launched to enhance cyber-security awareness within the maritime sector and allow more information sharing.

 

The global network involves nine ports – MPA, Abu Dhabi Ports, Port of Antwerp, Port Klang Authority, Port of Kobe, Port of Long Beach, Port of Montreal, Port of Rotterdam and Port of Seattle.

 

“Digitalisation can lead to significant cost savings and better environmental outcomes,” said Mr Chee, who took on the maritime portfolio in late July.

 

He cited the World Economic Forum’s estimates that document processing accounts for a fifth of total transportation costs in global trade, and digitalisation benefits the environment by reducing paper documents, lowering carbon emissions from shortened waiting times for vessels at anchorages, and improving fuel efficiency through better maintenance schedules.

 

Digitalisation can also help businesses stay resilient, said Mr Chee.

 

“Data visibility and exchange allow port operators and users to obtain critical data in advance, and make quick interventions when things go wrong,” he added.