Address by Minister for Law and Second Minister for Home Affairs, Mr Edwin Tong SC, at the 23rd International Congress of Maritime Arbitrators
The Honourable Chief Justice Sundaresh Menon
Mr Chao Hick Tin SC and Ms Corina Song, Chairman and Vice Chairperson of the Singapore Chamber of Maritime Arbitration (SCMA)
Mr Clive Aston, Chairman of the ICMA Steering Committee
Honourable Judges
Distinguished guests
Ladies and gentlemen
Introduction
1. Good evening, and I bid you also, a very warm welcome, not just to this evening, but to Singapore. Like Mr Chao, I hope that it is not just our weather that is warm, but that our welcome is equally warm – not just in temperature, but in spirit.
2. It is a real pleasure to see so many of you here this evening.
3. Indeed, Singapore is both honoured and privileged to be able to host ICMA again. The last time it came to Singapore was in 2007 – almost two decades ago.
4. Over the years, ICMA has been held in different countries, across different continents, different time zones, and yet it continues, like this evening has shown, to attract participants from all over the world. I think this is a testament to the global nature of the maritime community and, I believe, to the shared stake we all have in keeping it open, resilient, and indeed, forward-looking. This evening, I am going to spend a few minutes underscoring the importance of the maritime industry for us here in Singapore, and how we, in the Government, see the maritime industry.
Importance of Maritime Industry
5. Over 80% of world trade by volume is carried by sea. If global shipping were to stop overnight, supermarket shelves would begin to empty just within a few days. Fuel supplies, as you can see in the news, would tighten within weeks, and entire industries would grind to a halt. That is how critical the maritime sector is – not just to trade, but to all of us, to everyday life as we experience it.
6. Recent events remind us just how fragile this system can be. A single incident along a key route can ripple across the global economy. In fact, in some cases, it can, not just ripple, but also cripple economies. Today, we are witnessing this fragility in one of the world’s most strategically important maritime chokepoints – the Strait of Hormuz.
7. For decades, this narrow waterway – just 33 kilometres at its narrowest – has carried a substantial share of the world’s energy exports – around 20% of global oil trade, as well as liquefied natural gas (LNG) trade, serving as the vital link between the Gulf energy supplies and markets worldwide, particularly for us here in Asia, for which it is the only route.
8. Over the past few weeks, attacks on vessels and infrastructure, combined with warnings and transit restrictions, have caused tanker traffic to drop by up to 70%, forced ships to reroute or anchor outside the strait, and pushed insurance premiums up roughly four to six times, adding hundreds of thousands of dollars of expense per voyage.
9. Brent crude – the global oil benchmark – have surged above US$100 per barrel, with projections reaching US$150-200, depending on which analyst you choose to read, if this closure persists.
10. When shipping is strained, markets are disrupted, economies feel the impact, and the goods that we rely on struggle to reach us.
11. The situation around Hormuz today makes that connection unmistakably clear. That is the reason why the maritime industry is so important, especially to us in Singapore – a small, little island country at the south of Peninsula Malaysia.
Singapore’s Maritime Sector
12. In a world where important maritime flows are becoming increasingly vulnerable, I believe that building stability, reliability, and mutual trust in global shipping is today more important than ever.
13. Singapore has sought, in our own way, to contribute as a steady and dependable maritime hub.
14. We have focused on keeping our port reliable, efficient, open to the world, sustainable, adapting to the evolving demands of global trade, whilst at the same time, keeping an eye out on the horizon for future challenges.
15. Today, Singapore is one of the world’s busiest ports. In 2025, vessels arrivals reached a record 3.22 billion gross tonnage, and container throughput hit almost 45 million TEUs. These numbers represent an increase of 3.5% and 8.6% respectively over the previous year, in 2024.
16. We are also proud to hold the #1 spot on the Xinhua-Baltic International Shipping Centre Development Index for 12 consecutive years, ahead of 43 other maritime hubs around the world. This reflects our strength, not only in port operations, but also across supporting services, including logistics, finance, and legal services. I would say, right across the entire maritime industry value chain.
17. In November last year, Singapore was ranked the world’s leading container port under a new benchmark by DNV and Menon Economics. The report highlighted that this outcome is “underpinned by world-class infrastructure, transparent governance, and efficient connectivity,” which supports both regional as well as global shipping routes.
18. This is good, but we cannot rest on our laurels. We need to really double down on further developing the maritime industry in Singapore.
19. An example is the Tuas Mega Port, a project that has started, and will continue decades into the future. When it is fully completed in 2040s, it will be the world’s largest fully automated container terminal. The port will integrate advanced automation across all operations, from automated quay cranes and guided vehicles, to AI-enabled planning systems. This will allow for faster, safer, as well as more sustainable cargo handling, whilst at the same time taking big steps to reduce environmental impact, as well as energy consumption.
20. Looking ahead, we are focusing on three further areas to strengthen Singapore’s maritime sector. Let me just mention them very briefly.
21. First, we cannot ignore technology and digitalisation – expanding the use of technologies, such as digital twins, AI-driven port clearance, as well as automated guided vehicles. This will become the focus of the Tuas Mega Port in years to come.
22. Second, playing our part in sustainability – developing future fuels and low-emission solutions, to meet our decarbonisation goals.
23. Third, perhaps most importantly, in a time that we experience today, international collaboration – working with like-minded partners around the world to develop enhanced rules and standards for global shipping, coming together, looking at multilateralism, not just at friend-shoring or reshoring for personal gains, but looking at being open, and also developing the Green and Digital Shipping Corridors.
24. As the world becomes more inward-looking, Singapore believes in going precisely the opposite way – collaborating more closely, not less.
25. These efforts have helped Singapore’s maritime industry, which contributes 7% on average of our GDP, and supports 170,000 jobs in a given year. We have to ensure that the industry therefore remains resilient in the face of global uncertainties.
26. But even as we strengthen the physical and technological foundations of the maritime trade, there is another equally critical dimension – ensuring that disputes can be resolved efficiently, reliably, and transparently.
Singapore’s Role in Maritime Arbitration
27. Maritime disputes around the world have been on the rise in recent years, reflecting the growing complexity as well as the uncertainty of global trade. Of course, it also mirrors the growth in global trade, and we anticipate that it will carry on in this trajectory. If you take some numbers,
(a) The London Maritime Arbitrators Association (LMAA) recorded 1,815 case references in 2025. This represents a slightly under 5% increase from the year before.
(b) The China Maritime Arbitration Commission (CMAC) handled 257 cases, about 7.5% higher than the year before.
(c) In Singapore, the Singapore Chamber of Maritime Arbitration (SCMA) saw a total quantum of case references in 2025 reaching US$208 million in value – a 112% increase from the year before.
28. All these are a snapshot of some numbers, but they reflect the general growth and the broad direction in which maritime arbitration cases and disputes is going.
29. These disputes cover both “dry” which are charterparty claims, bills of lading, ship sale, repair, and bunker disputes, as well as “wet” disputes. According to DNV’s report in June last year, the number of maritime safety incidents increased by 42% between 2018 and 2024, although the global fleet grew by just 10%. Again, these are numbers which portend what might happen in the future. The ICC International Maritime Bureau reported an 18% increase in global maritime piracy and armed robbery incidents in 2025. Since the US-Israeli war on Iran started just about a month ago, there have been at least 15 reported attacks.
30. Therefore, to support the growth of maritime disputes, Singapore will need to continue to strengthen our international dispute resolution framework, ensuring that parties will remain fully confident in Singapore and in our institutions.
31. This includes:
(a) Regularly reviewing as well as updating our legislation to meet the evolving needs of industries, and that includes the maritime industry, which is constantly evolving with newer challenges. Take the International Arbitration Act as an example. It has been amended around 17 times over the past 32 years. We have amended it, on average, once every less than two years. We will be looking at amendments again later this year or early next year, to keep pace with developments in international mercantile practices and standards as well as commercial needs.
(b) Second, we need to continue to offer a full suite of dispute resolution options – whether it is in arbitration, mediation, or litigation in different forums. You might have an arbitral panel, you might go to the SICC, or you might litigate in our Singapore courts. We recognise that different disputes will call for different approaches, and we want to give as broad an array of options as possible to our users.
(c) Third, we hope to work with the SCMA, to strengthening expertise. The SCMA has grown from strength to strength over the last decade or so. Today, the SCMA comprises nearly 170 arbitrators from almost 20 jurisdictions, bringing a wide range of specialisations across sectors, as well as different skillsets, industries, languages, and governing laws.
(d) Advancing thought leadership, by bringing together global experts and stakeholders, to exchange insights and best practices.
The Role of ICMA
32. To this end, gatherings like what we have today, like ICMA, is particularly valuable. They bring together, not only arbitration practitioners, but also experts and stakeholders from a broad and wider spectrum of the maritime ecosystem.
33. These gatherings provide us a rare opportunity for cross-disciplinary dialogue, where people working at the coalface of shipping, finance, insurance, and arbitration, can exchange experiences, share perspectives, and explore solutions to both new challenges that emerge on the horizon, as well as long-standing issues.
34. I am confident that there will be many fruitful and insightful exchanges over the coming week.
Conclusion
35. Before I conclude, let me express my sincere appreciation to the organisers.
36. I was told that preparations for this Congress have been underway for some time, since the bid was secured some years ago.
37. The dedication and efforts of both people who are in front of the organisation committee and also behind the scenes, have made this gathering possible. I am sure this is deeply appreciated by everyone here.
38. Once again, thank you all for making time to attend ICMA in Singapore.
39. I hope you enjoy, not only the evening, but like Mr Chao said earlier, that you will take some time to enjoy Singapore as well. It is warm, but I will tell you that the little streets, and particularly the food offerings that you will find in Singapore will be well worth the endeavour.
40. Thank you very much.
Last updated on 22 March 2026