Ship Repair Industry In Singapore: Then And Now
Ship Repair products and services in Singapore are renowned the world over and for good reasons, too. The Lion City’s shipbuilding and ship repair companies serve both national and international clienteles so much so that it is considered as one of Asia’s maritime hubs, thus, giving larger countries like China healthy competition.
Ship Repair Industry Then
But this was not always the case. The industry was virtually non-existent before 1859 because of the absence of dry docks in the city-state. History was made in 1859, fortunately, when the first dry dock was built under the direction of Captain William Cloughton.
In the 1960s, the Singapore national government threw its full support into the development of the ship repair industry in the city-state. Coupled with the technology transfers from abroad, the industry was well on its way to becoming the major international maritime repair centre especially for super yachts and other large vessels it is today. By the mid-1970s, the industry conquered the world, so to speak.
Ship Repair Industry Now
Nowadays, Singapore continues to hold its hold on the international maritime industry with several ship conversions and repairs companies on the island, Mech Marine being one of the best. Ship owners, managers and brokers consider the Lion City as the best one-stop centre for comprehensive marine products and services.
The statistics speak for itself. Singapore’s marine industry has an annual turnover of approximately $10 billion with over 100,000 workers on the payroll. Such is its impact on the city-state’s economy that national leaders, industry players, and economist have repeatedly stated that the marine industry has a crucial part in Singapore’s economic growth.
Furthermore, the ship conversion and repair sector is the backbone of Singapore’s marine industry. Why? Sales in the sector account for more than half the total annual revenues of companies, thus, beating the sales for brand-new and second-hand ships both in the to-build and to-buy categories.
This is not surprising as brand-new ships require retrofitting and refitting to comply with the national and international maritime standards as well as with the owners’ specifications. Older ships are also in need of repairs for obvious reasons, thus, the higher revenues in repairs.
Singapore’s excellent reputation in ship repair is, indeed, anchored on the high quality and timely delivery of the jobs as performed by companies like Mech Marine.