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SINGAPORE: The Middle East crisis that has effectively blocked the Strait of Hormuz to shipping <\/strong>is an opportunity for the maritime industry to <\/strong>further explore cleaner fuel, said Maritime and Port Authority of Singapore (MPA) chief executive Ang Wee Keong.<\/p>\n Mr Ang was speaking on Wednesday (Mar 25) at the Asia Pacific Maritime exhibition and conference held at Marina Bay Sands.<\/p>\n \u201cThe challenges we face today are, in fact, an excellent opportunity for us to leverage to improve the sector\u2019s resilience and help us to chart our next phase of growth,\u201d he said, after referring to the ongoing crisis in the Middle East.<\/p>\n \u201cIn particular, I believe that digitalisation, automation and cleaner fuel energy solutions will help strengthen supply chain resilience, improve operational efficiency and safety, and support the transition towards a more sustainable maritime future.\u201d<\/p>\n Mr Ang said that the maritime sector carries about 80 per cent of the world\u2019s trade by volume, and has enabled small city states like Singapore to participate in global supply chains.<\/p>\n The maritime sector contributes about 7 per cent of Singapore’s gross domestic product.<\/p>\n However, recent developments in the Middle East have almost completely disrupted vital shipping routes and global energy supplies, he added.<\/p>\n Maritime traffic through the Strait of Hormuz has almost completely stopped since the United States and Israel launched strikes against Iran.<\/p>\n 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.<\/p>\n \u201cThis has underscored the fragility of the system that we depend on,\u201d said Mr Ang.<\/p>\n \u201cAs 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.\u201d<\/p>\n The flow of goods through Singapore has remained stable in recent weeks, with adequate bunker supply to meet the industry\u2019s demand, said Mr Ang, adding that the situation will be monitored closely with MPA\u2019s partners.<\/p>\n Bunker refers to the fuel oil stored in a ship’s tanks used to power its engines.<\/p>\n<\/div>\n