Singapore market

Risk Intelligence Asia market perspectives

22 August 2019

The Asian market represents a huge potential for the Risk Intelligence System (MaRisk and PortRisk) with a growing fleet of vessels controlled by owners and operators in Asia, particularly in Singapore and Hong Kong that today ranks amongst the 5 largest ship owning nations in the world. About half of the global fleet of vessels are now controlled in Asia and 4 countries in Asia are in the top 10 of the largest flag states in the world.

The global top five shipowners in terms of cargo carrying capacity (dwt) are Greece, Japan, China, Germany and Singapore. Together, these five countries have a market share of 49.5 percent of the global cargo carrying capacity.

The compliance level as well as an increased focus on global threats and security issues are growing amongst ship owners and operators in Asia as they to a much larger extend than previously are trading their vessels globally and not just in their local Asian market. This is creating a need for better and more accurate systems to evaluate the threats and risk in the global shipping market as well as advice on how to minimize the risk for their individual vessels, which is exactly what Risk Intelligence can offer.

Furthermore, with the extensive in-land transportation network in Asia as well as the strong economic growth and increased trade between the Asian countries (especially ASEAN), there is significant potential in the region for the new LandRisk product to be launched 1 October 2019.