Strait of Hormuz crisis an opportunity to explore cleaner maritime fuel: MPA chief executive

The maritime sector contributes about 7 per cent of Singapore’s gross domestic product.

However, recent developments in the Middle East have almost completely disrupted vital shipping routes and global energy supplies, he added.

Maritime traffic through the Strait of Hormuz has almost completely stopped since the United States and Israel launched strikes against Iran.

Iran sits above this strategic waterway, a vital route for exports of oil, gas and other commodities from the Persian Gulf. Tehran has targeted tankers in the area.

“This has underscored the fragility of the system that we depend on,” said Mr Ang.

“As the current situation evolves, we are working closely with other governments, other agencies, as well as industry partners to ensure the resilience of maritime operations both in our ports as well as in other parts of Asia and our region.”

The flow of goods through Singapore has remained stable in recent weeks, with adequate bunker supply to meet the industry’s demand, said Mr Ang, adding that the situation will be monitored closely with MPA’s partners.

Bunker refers to the fuel oil stored in a ship’s tanks used to power its engines.