Distinguished guests, Industry partners, Ladies and gentlemen, Good morning. Thank you to S&P Global Energy for bringing us together at APPEC. A Maritime Ecosystem in Transition 1. We meet at a time of significant change for the maritime industry. Geopolitical tensions, disruptions to key shipping routes and shifts in global supply chains have made the operating environment more complex and less predictable. 2. At the same time, deeper structural shifts are reshaping our industry. The energy transition is changing how ships and ports are powered. Digitalisation is transforming how trade and port operations are managed, and artificial intelligence (AI) is opening new possibilities for how we plan, coordinate and make decisions. 3. Looking towards 2030, one thing is clear: the pace of change will only accelerate. For Maritime Singapore, this challenge goes to the heart of our economic model. Our prosperity depends on connections that reach far beyond our shores. Our response to a more fragmented world must therefore be to remain open, deepen our connections and make ourselves more useful to the partners who depend on them. 4. Our approach is anchored on three priorities: Growth , Resilience and Partnership . Growth - Staying Relevant 5. Let me begin with Growth. 6. Singapore's maritime success has always been built on relevance and trust - being a place where global shipping and energy companies can transact efficiently, operate safely and invest with confidence. 7. That trust continues to be reflected in our performance. Last year, Singapore handled a record 56.77 million tonnes of bunker sales. In the first half of 2026, bunker sales exceeded 28 million tonnes. 8. But what matters is not simply the volume. These numbers reflect the industry's confidence in Singapore as a reliable and trusted maritime and energy hub. But our longer-term relevance depends on the value we create for the companies that use our port and build their businesses here. 9. This value exte