Coming on the heels of a mandatory bunkering system to safeguard the republic's position as the world's top bunkering port, the Port of Singapore got another boost to enhance its competitive edge.
The Maritime and Port Authority of Singapore (MPA) and PSA Corporation will pump in an additional US$24 million to extend their collaboration under the Port Technology Research and Development Programme (PTRDP) to develop next-generation technologies for future container terminal operations, reported Business Times Singapore.
Both parties inked a Memorandum of Understanding (MOU) to continue with their research and development (R&D) initiatives to boost port efficiency and productivity.
Under the MOU, MPA will provide a further $12 million to the programme over five years from the Maritime Innovation and Technology Fund (MINT Fund). PSA will provide additional co-funding of up to $12 million over the same period, bringing the total amount committed towards the programme to $40 million, up from $16 million initially.
The programme will continue to focus on key areas of port automation, intelligent planning and control systems, and green port solutions. Relevant concepts inspired from the Next Generation Container Port Challenge in 2012 will also be explored, MPA said.
MPA chief executive Andrew Tan said: "With growing demands on ports to accommodate ever larger ships and growing amounts of cargo, it is imperative that we leverage on new technologies to increase our port efficiency and productivity.
"Through co-funding of such R&D efforts, we hope to see the adoption of new systems and technologies that will significantly enhance the competitiveness of Singapore as a global transhipment hub and bring benefits to the rest of the industry."
Competition from regional ports has been growing over the past few years, especially from the Chinese ports. In 2010, China's Shanghai port displaced Singapore as the world's busiest container port and it has since retained this title.
Last year, Shanghai opened a two-way traffic lane in the main channel of the Yangshan Deepwater port, enabling shipping firms to save costs and boost turnover at the port.
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