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It was a message of optimism that emerged from the 14th Singapore Maritime Lecture (SML) webinar, with industry veterans lauding the maritime sector for keeping global supply chains moving in a time of crisis. They noted that through a mix of creativity, working together and pivoting to digital, the maritime sector has pulled together to respond to the COVID-19 pandemic.

In his keynote address, distinguished speaker Mr Ravi Menon (Managing Director, Monetary Authority of Singapore), noted that the global economy is facing its worst crisis since the Second World War. And one of the great lessons to emerge is the importance of resilience.

In order to seize new opportunities, Mr Menon put forth the arguments for the need to develop resilient supply chains that are diverse, flexible and integrated; grow a resilient industry through digitalisation; build a resilient workforce in the face of technological changes; and drive sustainability in the industry to foster a resilient planet.

Organised as a webinar for the first time in its history, the SML was attended by around 490 participants from 27 countries, representing a cross-section of the maritime industry. The SML was part one of the three-part Maritime Perspectives webinar series.

Highlights from the 14th Singapore Maritime Lecture

Mr Menon was joined by Mr Wan Chee Foong (Regional CEO of Middle East South Asia &Head of Group Business Development, PSA International) and Mr Steve Saxon (Partner, McKinsey and Company) in a robust panel discussion entitled "Business Not As Usual: how can we build resilient supply chains and a resilient digital economy and workforce to help businesses thrive in a post-COVID-19 global economy?".

Mr Wan pointed out the need for greater integration across industry players and markets to ensure global supply chain resilience, and was heartened by the openness of the workforce in embracing digitalisation.

Adding to this point, Mr Saxon noted that the ecosystem has to come together and improve communication across the supply chain. Research conducted by McKinsey a few years ago estimated annual losses of US$20billion just through communication inefficiencies across the maritime ecosystem.

You can view the full recording of the Singapore Maritime Lecture here.