Maritime Jobs
Tuesday, June 18, 2019

Singapore Considering Financial Aid to Marine Sector

Posted by November 2, 2016

  • (File photo: Jill Friedman)
  • Claes Eek Thorstensen (Photo: Thome Group)
  • S. Iswaran (Photo: West Coast Town Council)
  • (File photo: Jill Friedman) (File photo: Jill Friedman)
  • Claes Eek Thorstensen (Photo: Thome Group) Claes Eek Thorstensen (Photo: Thome Group)
  • S. Iswaran (Photo: West Coast Town Council) S. Iswaran (Photo: West Coast Town Council)

Singapore's minister of trade and industry S. Iswaran said the government is working in consultation with the marine and offshore engineering sectors, plus the region’s financial institutions, to review the possible need for measures to help them recover from the economic downturn prolonged by the recent slump in oil prices.

Government-backed loans are already provided which help small businesses deal with cash flow issues but the offshore sector has been particularly hard hit by the recession with thousands of job losses.

“A healthy marine industry is crucial to the Singapore economy and so it is good news that the government is taking a serious look at how it might help those sectors of the industry struggling to stay afloat.” said Claes Eek Thorstensen, President of the Thome Group, who welcomed the recent announcement.

“It is important that Singapore maintains its central position in the Asian maritime hub so any measures which the government might be able to offer would be welcomed including any support which preserves the diversity of industries, including research and development, in this maritime cluster.”

The minister also announced S$107 million ($77 million) to help develop a new research center for the industry.

Claes Eek Thorstensenoil pricesSingapore

Featured Jobs

Assistant Storekeeper

Military Sealift Command

Ordinary Seaman Advancement Program

Military Sealift CommandNorfolk, VA, USA

Medical Services Officer

Military Sealift Command

Chief Cook

Military Sealift CommandNorfolk, VA, USA

Cook Baker

Military Sealift CommandNorfolk, VA, USA

Deck Engineer Machinist

Military Sealift CommandNorfolk, VA, USA

Electronics Technician

Military Sealift CommandNorfolk, VA, USA

Pumpman

Military Sealift CommandNorfolk, VA, USA

Refrigeration Engineer

Military Sealift CommandNorfolk, VA, USA

Business Director

San Francisco Bar PilotsSan Francisco, CA, United States

Featured Employers

Golden Isles Cruise Lines, /dba Emerald Princess

Emerald Princess II Casino is a 188 ft 100 ton vessel and cruises outside of Georgia waters so that

Alduco Engineering Services

We provide a range of engineering & asset integrity services to the oil & gas sector in the Gulf of

Military Sealift Command

The Military Sealift Command (MSC) is a United States Navy organization that controls most of the re

Blount Boats

Blount Boats, Inc. is a full-service shipyard specializing in design, construction and repair of ste

San Francisco Bar Pilots

The San Francisco Bar Pilots (SFBP) have the exclusive authority to pilot vessels from the high seas