27 Jan 2005
Speech by Dr Vivian Balakrishnan, acting Minister for Community Development, Youth and Sports, and Senior Minister of State for Trade and Industry, at the official opening ceremony of Stolt Container Terminal at Jurong island on 27 January 2005 at 11.15 am
Mr Niels Stolt-Nielsen, CEO, Stolt-Nielsen S.A.
Mr Poh Choon Ann, Chairman & CEO, Poh Tiong Choon Logistics
Ladies and Gentlemen
- It is a pleasure to join you this morning, for the opening of the Stolt Container Terminal on Jurong Island. To our guests from overseas, a warm welcome to Singapore.
- There are more than 70 global chemical companies operating on Jurong Island. Consequently, dedicated logistics services, such as those provided by the Stolt Container Terminal, are very valuable.
- There are several state-of-the-art logistics facilities on Jurong Island. They include Poh Tiong Choon’s Chemical Logistics Complex, the terminalling facilities of Vopak and Oiltanking, and Katoen Natie Sembcorp’s silo facility. This does not include the dedicated logistics facilities controlled by the manufacturers, refineries and power plants on the island.
- We believe there is much room for growth in third-party logistics (3PL) services on this island. Consequently, we started Banyan Logispark in August 2003; dedicating it as an integrated chemical logistics and transhipment hub. Banyan LogisPark provides a comprehensive “one-stop shop”, servicing companies on Jurong Island and customers by using Singapore as a transhipment and distribution hub. In the past year, we have seen tremendous interest in Banyan, driven by a combination of a recovering chemical sector, and increasing trade flows passing through Singapore. Recently, both Vopak and Horizon Terminals announced their new terminal projects in Banyan.
- It is also interesting to see the new business models that are evolving. Increasingly, we are seeing closer collaboration between the various players in the logistics value chain. Shipping companies are working with 3PLs to offer a single solution to customers, while 3PLs are leveraging their complementary facilities and strengths to create new value for shippers. Shippers, on the other hand, are also more proactive in providing feedback and influencing their service providers on the facilities and services they would like to have.
- Stolt-Nielsen Transportation Group is a good example of a company that has selected Singapore as its Asia-Pacific hub. I am very pleased to know that the company has enhanced this role through the establishment of the regional tank container depot. That Stolt-Nielsen has done so in cooperation with Poh Tiong Choon Logistics, a homegrown 3PL, is further testament to the intrinsic value that Singapore brings to international investors. The synergies between PTC Logistics’ warehouse and Stolt-Nielsen?s depot will create new and exciting value propositions for their customers.
- I congratulate Poh Tiong Choon Logistics and Stolt-Nielsen Transportation Group on this project and wish you every success in your new venture on Jurong Island. Thank you.