Industry News

The Maritime and Port Authority of Singapore (MPA) and the American Bureau of Shipping (ABS) have renewed their Memorandum of Understanding (MOU) to bolster maritime innovation and workforce development. This five-year agreement, signed on 25 March, aims to enhance Singapore’s status as a global maritime hub and advance ABS’s strategic initiatives in the region.

As part of the collaboration, ABS will establish the ABS Singapore Maritime Safety Centre, a state-of-the-art facility dedicated to immersive training for seafarers and maritime professionals. The centre, supported by a $4.5m investment from ABS, will offer training in the safe handling of alternative fuels like ammonia and methanol, as well as battery and electric propulsion systems. This initiative is expected to create new employment opportunities in the region.

The centre will utilise advanced training techniques, including virtual reality and game-based systems, to simulate realistic scenarios without endangering vessels or crew. Christopher J. Wiernicki, ABS Chairman and CEO, emphasised the importance of this collaboration, stating, “The maritime industry’s transition to net zero demands not only innovation but also a workforce equipped to deliver all of the advances in technology and fuel without compromising safety.”

Teo Eng Dih, Chief Executive of MPA, highlighted the shared vision for a sustainable maritime sector, noting that the partnership strengthens Singapore as a hub for maritime innovation and professional upskilling. The ABS Singapore Maritime Safety Centre will complement the MPA’s Maritime Energy Training Facility (METF), further enhancing training capabilities.

This renewed collaboration underscores the commitment of both organisations to advancing research, talent development, and safety in the maritime industry, positioning Singapore at the forefront of maritime sustainability and innovation.
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Lloyd’s Register (LR) has announced the launch of its newly structured LR Advisory service during Singapore Shipping Week. This initiative aims to address the maritime industry’s growing regulatory demands, decarbonisation costs, and digitalisation challenges. The new advisory service consolidates LR’s Technical and Business Advisory divisions into a single, integrated team of 150 experts.

The LR Advisory service marks a significant transformation for the organisation, shifting from a compliance support role to offering comprehensive guidance on regulatory adaptation, energy efficiency, and operational performance. This service extends its reach beyond traditional clients, providing strategic support to alternative fuel suppliers, port authorities, and governments.

James Frew, LR Advisory Director, highlighted the industry’s need for a proactive approach: “Shipping is facing an unprecedented transformation. Historically, the industry has been reactive, but the scale and complexity of today’s challenges—from fuel transition strategies to digital performance optimisation—demands a proactive, strategic approach.”

Decarbonisation is a key focus, with LR Advisory offering guidance on alternative fuels and energy efficiency measures to help clients future-proof their fleets. The service also integrates advanced data analytics and digital tools to optimise fuel consumption and operational efficiency.

Furthermore, LR Advisory is expanding its client base to include charterers, oil majors, and future fuel suppliers, offering guidance on infrastructure investments and market trends. The team also emphasises the human element, focusing on crew training and organisational transformation.

Frew added, “With nearly 150 experts globally, we are well-positioned to support businesses navigating today’s turbulent shipping markets.” This expansion reflects LR’s commitment to shaping the future of the maritime industry.
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The Republic of Singapore Air Force (RSAF) is actively participating in the joint military exercise Cope Tiger 2025, alongside Thailand and the US, to bolster its defence capabilities. The exercise, which commenced on 17 March and concludes on 28 March, involves the deployment of 26 manned and unmanned aircraft, 10 ground-based air defence systems, and over 700 personnel. This initiative underscores Singapore’s commitment to enhancing military interoperability and testing its defence platforms.

Located near the strategic Strait of Malacca, Singapore is a vital hub for international trade, making it susceptible to potential threats. The exercise is crucial for Singapore to maintain a combat-ready force amidst rising geopolitical tensions in the Indo-Pacific region. Harshavardhan Dabbiru, an analyst at GlobalData, highlighted that Singapore’s participation demonstrates its ability to conduct multi-domain warfare and test synergies between manned and unmanned platforms for intelligence gathering.

Singapore’s strategic location and robust defence capabilities make it a valuable ally in regional security dynamics. Despite no immediate territorial threats, the nation remains vigilant due to escalating South China Sea tensions. As one of the world’s highest per capita defence spenders, Singapore allocated $17.7b  to its defence budget in 2025, with a projected growth rate of over 4% until 2030. The country plans to invest $6.8b in military aircraft and rotorcraft and an additional $1b in missile systems by 2034.

Through exercises like Cope Tiger, Singapore aims to maintain its relevance in regional power struggles and ensure its sovereignty.
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Australian-Singaporean company Osteopore Limited has launched a Clinical Centre of Excellence (CCoE) in Singapore, focusing on medial wedge opening high tibial osteotomy (MOWHTO). This initiative, in collaboration with Total Orthopaedic Care & Surgery and led by Dr Hamid Razak, aims to enhance orthopaedic care and improve patient outcomes in knee preservation.

The CCoE will serve as a training hub, offering educational sessions on MOWHTO techniques and post-surgery rehabilitation. Dr Hamid, a consultant orthopaedic surgeon with over 15 years of experience, will lead these efforts. He is also an Adjunct Associate Professor at Duke-NUS Medical School and a key opinion leader on Osteopore’s clinical advisory board.

MOWHTO is gaining traction globally as it offers joint preservation and minimal trauma, delaying the need for total knee arthroplasty. Recent studies highlight advancements in surgical strategies that improve patient outcomes. Osteopore’s MOWHTO product has outperformed allogeneic femoral head grafts in bone union in clinical studies.

The MOWHTO market is projected to grow at a compound annual growth rate of 9.2%, with procedures expected to reach 35,000 annually in the Asia Pacific region by 2025. Osteopore CEO Dr Lim Yujing emphasised the importance of training and education in using innovative products with appropriate surgical techniques. Dr Hamid expressed his commitment to advancing knee preservation through collaborative research and innovation.

This new centre underscores Osteopore’s dedication to advancing orthopaedic care and highlights the growing trend in knee preservation techniques.
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Frasers Centrepoint Trust (FCT) has announced the acquisition of Northpoint City South Wing in Singapore for $1.17b (S$1.17b). The deal, finalised on 25 March 2025, involves FCT acquiring 100% interest in the retail mall through the purchase of all units in North Gem Trust, the private trust holding the property. This strategic move consolidates FCT’s position as a leading owner of prime suburban retail spaces in Singapore.

The acquisition is expected to be Distribution per Unit (DPU) accretive, enhancing FCT’s ability to deliver stable returns to its unitholders. Richard Ng, CEO of the Manager, stated, “With the Acquisition, FCT will have 100% ownership of both North Wing and South Wing that together form Northpoint City. With full control, FCT will be able to implement holistic asset enhancement initiatives and tenant mix strategies to unlock further value across both wings.”

The agreed property value stands at $1,133.0m (S$1,133.0m), with a net property income yield of 4.5%. The acquisition cost includes $375.2m (S$375.2m) for the purchase price, $785.0m (S$785.0m) in bank loans, and additional fees. FCT plans to fund this through a mix of equity fund raising, debt financing, and potential issuance of subordinated perpetual securities.

Northpoint City, the largest mall in North Singapore, benefits from its strategic location and robust operational performance. It boasts a 100% occupancy rate and a diverse tenant mix, including major brands like FairPrice and Uniqlo. The mall’s strong performance is underpinned by its high footfall and shopper traffic, driven by its connectivity to the Yishun Integrated Transport Hub.

The acquisition positions FCT to capitalise on the revitalisation of Singapore’s North Region, with significant new home developments and transformation into a work-live-play hub. This move is set to enhance FCT’s portfolio and strengthen its market presence in the suburban retail sector.
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JLL has announced the inaugural Global Property Expo, set to take place at the Sands Expo & Convention Centre in Singapore from 18 to 20 July 2025. This premier event aims to bring together international property developers and real estate investors, offering a platform to explore premium residential investment opportunities across major global markets.

The expo will feature a curated selection of residential developments from regions such as Australia, Japan, the Middle East, the United States, and Europe. In addition to the exhibition, the event will include two conference tracks focusing on sustainable property investment, PropTech integration, and smart city infrastructure. These sessions are designed to provide attendees with expert insights into emerging global trends and advanced wealth creation strategies.

James Puddle, JLL Head of International Residential, South East Asia, highlighted the significance of the event, stating, “International property investors are growing in sophistication, demanding more diverse options and risk profiles when approaching global residential markets. The Global Property Expo offers a direct connection between international developers and active investors, particularly within the rapidly growing Asia Pacific market.”

The choice of Singapore as the host city underscores its role as a leading hub for cross-border real estate transactions. In 2023, Singaporean investors accounted for $25.3b in international real estate investments, significantly outpacing per-capita spending in the US. This trend is expected to continue, with a 23% increase in Asia Pacific real estate investment in 2024.

The expo is targeted at institutional and private investors, real estate developers, and industry professionals seeking to diversify portfolios and stay ahead of market trends.
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RHB Bank has adjusted its inflation projections for Singapore in 2025, anticipating a decrease in both headline and core inflation rates. The bank now expects the full-year headline inflation to be 1.6%, down from its previous estimate of 2.3%, and core inflation to be 1.1%, revised from 1.8%. This adjustment comes amidst a resilient economic outlook and moderate inflationary pressures, suggesting that the Monetary Authority of Singapore (MAS) is likely to maintain its current policy settings in the upcoming Monetary Policy Committee meeting in April.

In February, Singapore’s Consumer Price Index (CPI) eased to 0.9% year-on-year, a slight decrease from 1.2% in January. This figure was marginally below RHB’s and Bloomberg’s forecasts of 1.0% year-on-year. Core inflation also saw a reduction, dropping to 0.6% year-on-year from 0.8% in January.

Barnabas Gan, Acting Group Chief Economist and Head of Market Research at RHB Bank, highlighted these findings in the bank’s latest Global Economics and Market Strategy Report. The report underscores the expectation that Singapore’s inflationary environment will remain stable, allowing MAS to keep its current monetary policy stance.

The revised outlook reflects a cautious optimism about Singapore’s economic resilience, with inflationary pressures appearing to be under control. This stability could provide a conducive environment for continued economic growth in the region.
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Manulife Singapore has launched its Signature Indexed Income plan, a pioneering product combining Indexed Universal Life (IUL) insurance with customisable income payout features. This innovative plan is designed to cater to the financial needs of affluent and high-net-worth individuals (HNWIs) by offering market-linked returns, downside protection, and seamless wealth transfer.

The plan provides protection against market fluctuations with a 0% floor rate and Surrender Value Floor feature, ensuring stability even during downturns. It links payouts to the S&P 500 Index, potentially offering higher returns compared to traditional income plans. The Automatic Premium Spread (APS) option allows premiums to be spread over 12 months, providing more stable returns.

Thomas Lee, Chief Product Officer of Manulife Singapore, stated, “With Signature Indexed Income, we are pioneering a solution for Affluents and HNWIs seeking alternative income streams and portfolio diversification.” The plan’s flexibility allows policyholders to adjust premium allocations and choose when to start receiving income payouts, tailoring it to their specific financial goals.

A study commissioned by Manulife Singapore revealed that 73% of HNWIs are interested in an indexed universal life plan with monthly income payouts and flexible features. The plan also facilitates legacy planning, enabling policyholders to transfer ownership, change the insured life, and nominate beneficiaries.

Rena Lim, Head of High Net Worth and Financial Advisory at Manulife Singapore, highlighted the plan’s appeal for those seeking a balanced approach to wealth management, combining growth potential, income generation, and protection. With its innovative structure, Signature Indexed Income is set to redefine income planning for affluent clients in Singapore.
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The Korea Agro-Fisheries and Food Trade Corporation (aT) recently hosted an exclusive culinary masterclass in Singapore, showcasing the excellence of Korean produce. Held at The Butchers Dining, the event featured a live cooking demonstration and tasting session, attended by South Korea’s Minister of Agriculture, Food and Rural Affairs, Song MiRyung, and the Ambassador of the Republic of Korea to Singapore, Hong JinWook. The event celebrated premium Korean rice and fruits, aiming to introduce Singaporean consumers to the unique textures and flavours of these products.

Korean cuisine is renowned for its bold flavours and health benefits, largely due to its use of fresh, nutrient-rich ingredients and traditional fermentation techniques. Signature dishes such as bibimbap and tteokbokki were highlighted, with Korean rice praised for its chewy texture and nutritional value. The event also showcased premium Korean fruits like Shine Muscat grapes and strawberries, known for their sweetness and antioxidant content.

A standout feature was the introduction of 12 traditional Korean liquors, specially airlifted for the event, showcasing the diversity of Korean brews. Culinary instructor Kim Hyuna led the cooking demonstration, preparing dishes like bibimbap and nurungji ice cream, paired with traditional Korean wines.

Minister Song MiRyung expressed hope that Singaporeans would appreciate these exceptional ingredients, reinforcing aT’s commitment to promoting Korean produce in Singapore. The event coincided with the 50th anniversary of diplomatic relations between South Korea and Singapore, marking a significant milestone in cultural exchange.
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The Singapore Department of Statistics has reported a 0.8% increase in the Consumer Price Index (CPI) for February 2025 compared to the previous month.

This marks a 0.9% rise from the same period last year, reflecting ongoing inflationary pressures in the economy.

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