TOC Asia 2022 Event Highlights
TOC Asia returned triumphantly to the Marina Bay Sands in Singapore last November after a two-year absence breaking registration records. Here are some of the event highlights.
PSA beyond ports - building networked corridors and solutions
Speaking at the keynote session of TOC Asia in Singapore, Tan, explained: “We have spent 45 years building a portfolio of ports, but in the last 10 we’ve realised that was no longer adequate, but that in itself as a philosophy of our mission was no longer adequate and that technology has arrived, that we could connect, and we could think of our ports as a network. Now a network of ports doesn’t get us from end to end, so we’ve gone from ports to networked corridors and then from corridors we’re thinking solutions.”
Tan’s presentation went into considerable detail covering not just connectivity and transportation but also emissions targets, and the interdependency and trust required for these targets to be met.
The keynote presentation continued with assistant Chief Executive, Mr Kenneth Lim, who shared with us some insights about the ongoing projects that the MPA Singapore is currently involved with, as well as its plans to transform the island country into the global maritime hub for connectivity, innovation, and talent by 2030.
Warning of container shipping rate war ahead
Later on, Alan Murphy, CEO and Founder of Sea-Intelligence, said the container market was returning to normality but asked if this was pre-pandemic level of normality in 2019, a relatively good year for container shipping if 2020 – 2022 is excluded, or a much worse scenario of five – six years ago.
Murphy noted that container spot rates had been driven to stratospheric levels by a combination of a sharp rise in consumer demand and some 15% of global capacity being lost due to congestion at ports and in the supply chain.
The result could be a prolonged rate war which is dragged out by carriers with more money to fight.
But shippers looking forward to prolonged low rates were warned of a possibility of a repeat of 2009 – 2010 down the line where once large amounts of tonnage is in lay-up only a relatively small spike in demand could tip the market in carriers’ favour.
No green shipping corridors without landside infrastructure
The second day was welcomed by Prof Lynn Loo's keynote session on
the "Challenges & Opportunities for Maritime Decarbonisation".
“Increasingly we’re realising it’s really important to think about the landside as well, without landside infrastructure you can’t decarbonise shipping,” Prof Loo, told the conference audience.
One of the starting points for decarbonising are green corridors linking key ports on major trades the longest of which under development is a green and digital corridor between Singapore and Rotterdam.
“There are no green corridors without green infrastructure,” she said. “The green corridors need to be anchored by ports and infrastructure, so it’s really important for us to start thinking about the landside of shipping.”
Moderator Paul Gallie, Director of Business Development for AP Moller Capital, noted that in the past ports only required facilities to bunker heavy fuel oil (HFO), however, in future they would need infrastructure for multiple fuel types such as ammonia and methanol. This will require different tanking arrangements and as green fuels are significantly less energy dense than fossil fuels more storage will be required.
LIVE Interviews at #TOCAsia
A stellar line-up of industry leaders took part of TOC Asia
Building upon the conclusions of their presentations and also filmed live from bustling exhibition stands, these include from the PSA International, Port of Long An, MPA Singapore, GCMD, Navis, ZPMC, Hyster Yale Group and more.
TOC Asia concluded with 1,500+ attendees across 2 days – a record breaking audience, translating into what has been described by exhibitors and visitors alike as one of the best-ever staging TOC Asia in its 20-year history.