Singapore: Raymond Lim, Minister for Transport Lim announced last night that the Singapore Exchange, SGX AsiaClear will be introducing a new TC50 tanker FFA to its portfolio of products on 28th September. 'This new freight index for the Arabian Gulf-Japan route is a result of close consultation with the industry and reflects the Singapore Exchange's ability to respond quickly to market demands'. Lim noted the maritime industry has enjoyed a period of strong growth in recent years. 'The positive global outlook and the continued rise of Asian economies, including China and India, have brought about many growth opportunities for the maritime industry, especially in Asia. This has benefited Singapore's development as an International Maritime Centre or IMC'. Ten years ago, the Singapore Registry of Ships, or SRS, was ranked the 10th largest registry in the world. The SRS has since doubled its size, and moved up in ranking to become the 4th largest registry in the world. It is the largest in Asia, with a fleet of more than 3,200 vessels, totalling over 34 million gross tons, flying the well-respected Singapore flag. Lim, who was speaking at the MPA award's ceremony, also promised that the maritime buzz will not end with Maritime Week. Sea Asia 2007, a high-level international maritime to be held in early April next year in association with Seatrade, will serve as a platform for business networking and as a stage for thought leadership. "This is timely, given Asia's increasing importance and prominence in world shipping, with Asian ship owners accounting for over 40% of the world's shipping tonnage and with 13 of the world's top 20 container ports located within Asia". [27/09/06]
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