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The Singapore maritime industry is one of the fastest growing economic sectors, contributing to 7% of Singapore's GDP and employing over 150,000 people. The Singapore International Maritime Centre is home to more than 5,000 establishments from shipping and port related activities, maritime services (e.g. shipping finance, marine insurance) and offshore, shipbuilding and repair services. Singapore is recognized as one of the world's leading maritime centre for shipping, maritime services, offshore and marine engineering activities and remains as one of the world's busiest ports.
In 2010, Singapore's port container throughput reached 28.4 million (Twenty-foot Equivalent Units) TEUs at an annual rate of 5.2% over 2000 to 2010. In the same year, Singapore sold 40.9 million tonnes of bunker fuel and remains the top bunkering port in the world in terms of bunker sales. The Singapore Registry of Ships (SRS) also continued to grow at an annual rate of 7.8% over 2000 to 2010, registering tonnage over 48.8 million GT in 2010. Singapore was ranked 10th in ownership of the world fleet (measured in terms of deadweight tonnage) as of 1 January 2010.
There has been a positive growth in Singapore's maritime services like shipping finance and marine insurance. This is in tandem with an expanding pool of shipping companies based in Singapore. With faster growth in trade among Asian economies, Asia accounts for 40% of world shipping tonnage. Singapore is well placed to leverage on these growth opportunities given its strategic position within Asia.
The medium term outlook for the Singapore Maritime industry remains bright with contribution to Singapore's GDP to register steady growth. Employment is also likely to keep pace with the cluster's growth. Jobs in-demand could range from shipping officers to marine superintendent.
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