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Speech by Ms Grace Fu, Minister for Sustainability and the Atmosphere, on the HN5506 LNG Twin-fuel VLCC Ship-naming Ceremony, on 23 January 2024
His Excellency Dato’ Dr. Azfar Mohamad Mustafar, Excessive Commissioner of Malaysia to Singapore,
Captain Rajalingam Subramaniam, Chairman of AET and President & Group CEO of MISC,
Mr Teo Eng Dih, Chief Govt of the Maritime and Port Authority of Singapore,
Mr Zahid Osman, President & CEO of AET,
Distinguished Visitors,
Girls and Gents,
1 An excellent morning to all.
2 It’s my pleasure to hitch you right here at PSA Keppel Terminal to rejoice the inaugural naming of HN5506, AET’s newest Singapore-flagged liquefied pure fuel (LNG) dual-fuel Very Massive Crude Service (VLCC). PSA Keppel Terminal is a spot I’m fairly aware of, having labored with PSA years in the past.
3 It’s really my honour to be the Woman Sponsor of this high-quality vessel, which represents a step ahead in enhancing the effectivity of the maritime business.
CLIMATE CHANGE AND THE MARITIME INDUSTRY
4 2023 was one more ‘report’ 12 months for local weather change. Globally, we noticed communities grappling with the opposed impacts of local weather change. From devastating wildfires in Hawaii and Canada to lethal floods in Libya and Greece, and unprecedented heatwaves throughout just about all continents, within the hottest 12 months on report. Singapore too recorded our hottest temperature within the final 40 years.
5 The maritime business will not be spared from the opposed results of local weather change. Rising sea ranges, coastal erosion, and drought situations can all have an effect on navigation channels and port operations. Extra frequent and intense excessive climate occasions can disrupt transport routes and endanger maritime operations.
6 And these are already impacting us virtually. Extreme droughts throughout the previous summer time led to critically low water ranges within the Panama Canal, lowering visitors by 40%. In keeping with a research by RTI Worldwide, local weather change might value the transport business as much as $10 billion yearly by 2050, and as much as $25 billion yearly by 2100.
7 On the similar time, transport should play a job in lowering its emissions and contribute to the struggle in opposition to local weather change. In keeping with the IMO’s newest research, international transport accounts for about 3% of world greenhouse fuel emissions. And its emissions are anticipated to proceed to rise.
8 There are alternatives to boost the power effectivity of current fleet to cut back gas utilization and prices, and retrofit or construct new ships to hold new inexperienced fuels. The maritime business additionally has vital alternatives to allow transportation of latest different fuels, and stay the spine of world commerce and the lifeblood of the worldwide economic system. Singapore, a maritime nation whose story is inextricably linked to the ocean, stands able to play our half.
DECARBONISATION OF THE MARITIME INDUSTRY
9 The worldwide group is taking motion. The IMO has enhanced ambitions for worldwide transport to succeed in net-zero emissions by or round 2050; cut back its emissions depth; and improve the uptake of zero or near-zero emissions applied sciences, fuels, and power sources.
10 As a worldwide hub port and worldwide maritime centre, Singapore will play our half to catalyse the greening of worldwide transport. We actively contribute to and facilitate consensus on the IMO. And we’re working with like-minded companions to create sustainable maritime ecosystems, resembling by means of establishing inexperienced and digital transport corridors to the Americas, Europe, and Asia, growing harmonised requirements and rules for the protected dealing with and bunkering of future marine fuels resembling methanol, ammonia, and hydrogen, and supporting technical help and capacity-building programmes for our companions and supporting South-South collaboration.
AET’S EFFORTS
11 I’m inspired to listen to about AET’s dedication to sustainable transport. AET has been constructed over generations in Singapore and I’m glad that it has continued to progress beneath the present administration. The supply of the HN5506 VLCC is an instance of how partnerships can advance environmental sustainability and assist efforts to construct a climate-resilient future.
12 New LNG carriers may be extra energy-efficient and assist tackle methane slip. HN5506 has an optimised hull type to cut back drag, enhanced rudder design to enhance manoeuvrability, and a wake duct to enhance propeller effectivity. The principle engine can also be constructed on a modular idea to permit for future retrofit choices to doubtlessly run on low- or zero-carbon fuels. AET is planning for brand new carriers which may utilise new marine fuels for the longer term.
SINGAPORE REGISTRY OF SHIPS
13 I’m additionally happy to announce that with the registration of HN5506, the Singapore Registry of Ships has crossed the 100 million gross tonnage milestone! The Singapore Registry of Ships began in 1966 and through the years, it has expanded to be a high quality flag supporting the expansion of the maritime business.
14 My heartiest congratulations to the generations of officers and our sturdy tripartite partnership, and to AET, MPA, and all companions concerned. I sit up for seeing HN5506 embark on its thrilling voyages around the globe and main the way in which for extra sustainable transport in our area.
CONCLUSION
15 In closing, although the trail of local weather motion might encounter uneven waters at occasions and robust winds at one other, the route is evident. Let our dedication, our innovation, and our partnerships be the wind in our sails, propelling the ‘vessel’ we name dwelling in the direction of a extra sustainable future. And allow us to achieve this full steam forward, as time, tide, and local weather change look ahead to none.
16 Thanks as soon as once more, AET, for the privilege of being the Woman Sponsor of HN5506.
17 I want everybody a productive and nice day forward. Thanks.
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