[9 April 2013, Singapore] – Singapore Management University’s (SMU) School of Economics (SOE), supported by the International Trading Institute@SMU, will launch a Maritime Economics Concentration (MEC) in August 2013.  A first of its kind in Asia, the programme is tailored to groom SMU undergraduates for Singapore’s maritime sector, as the country enhances its position as a leading maritime hub in the world.  The announcement was made by Mr Tharman Shanmugaratnam, Singapore’s Deputy Prime Minister and Minister for Finance, today at the Opening Ceremony of Sea Asia 2013.

SMU’s new MEC is the result of industry feedback from the maritime sector for local talent to support its strong growth in recent years.  The MEC is thus designed to give students a firm foundation in economics and develop essential knowledge and contextualised skills relevant for maritime-related roles.  Shipping companies, shipyards, rig builders, ports and maritime logistics companies operating in Singapore are amongst the companies in the maritime sector which require skilled talent.

“As Singapore strengthens its global position as a leading maritime hub, there is a strong demand for graduates who are prepared for a variety of careers in the maritime sector.  SMU’s MEC will give students a rich blend of academic knowledge and industry immersion.  Our template is ideal: analytical content, industry insight and first-hand experience through internships and study missions,” said Professor Bryce Hool, Dean of SMU’s School of Economics.

“We are happy that SMU can play this role as an academic partner in helping to develop local talent for Singapore’s maritime industry.  We are also grateful to our industry partners for their valuable advice and support for the programme.  Looking ahead, we are exploring collaborations with partner universities overseas, which will further enrich our students’ experience and enhance their competitive edge,” he added.

“MPA greatly welcomes SMU’s new Maritime Economics Concentration.  This is very much in line with our efforts to promote maritime education in Singapore and to develop Singapore as an international maritime centre.  MPA is happy to partner SMU in furthering maritime education in Singapore and look forward to continue working with SMU to introduce even more SMU students to the exciting and dynamic world of maritime,” said Mr Lam Yi Young, Chief Executive of Maritime and Port Authority of Singapore.

To provide students with the right balance of academic knowledge and industry know-how, the MEC will comprise a series of credit courses taught by SMU faculty and non-credit courses taught by industry professionals.  Topics will include Maritime Economics, Port Economics & Management, Ship Financing, Maritime Law, Shipping Business and Supply Chain Management, among others.

Experiential learning opportunities comprising internships, overseas Industry Study Missions, site visits to companies operating in the maritime sector and talks given by industry practitioners, are key differentiating features of SMU’s MEC.  Through Industry Study Missions and site visits, SMU students get the unique opportunity to observe and learn about the various nuances on the ground.  These visits will be to locations such as ports, warehouses and logistics facilities that are found off the beaten track in industrial centres, both locally and overseas.  Additionally, internships provide students with the first-hand opportunity to acquire the practical knowledge and skills required by the various jobs within the sector.

To ensure that students who have opted for the programme possess the necessary aptitude and attitude for the various maritime roles, the University will institute a system of admissions interviews.  Interview panellists will include veterans from the maritime sector and SMU faculty.

Partnership and support from SMU’s industry partners have played a critical role in the development of the MEC.  SMU has received strong support from industry partners to date – several have pledged and provided programme funding and support, scholarships, internships, as well as provided professional expertise and advice.  Their input is also being sought for the development of course content so that the curriculum is contextualised to meet the needs of the sector.

Mr Hans Van der Zijde, CEO of Womar Logistics and an industry partner of the MEC said: “There is a great need for students with specialised background knowledge of Singapore's shipping and maritime companies.  WOMAR is proud to be partner of the Maritime Economics Concentration, and we are happy to offer scholarships and internships to enhance the learning experience of SMU’s MEC students.”  WOMAR Logistics Pte Ltd is a leading Tanker Pool operating company based in Singapore; the company operates in niche and specialised chemical tanker segment controlling over 100 chemical tankers in association with its members and partners.

All students from SMU’s six Schools will be eligible to apply for the new Maritime Economics Concentration and benefit from the experience shared by international and local experts in the Maritime Industry.  SMU expects to take in about 40 students for its first MEC cohort.

Annex 1 – Quotes from maritime sector industry partners
Annex 2 – Fact Sheet on SMU’s Maritime Economics Concentration

About SMU School of Economics

On 1 July 2002, the School of Economics and Social Sciences was established to launch the Bachelor of Science undergraduate degree programme majoring in Economics, and subsequently the Bachelor of Social Science undergraduate degree programme majoring in Psychology, Sociology, or Political Science.  In April 2007, the School of Economics and the School of Social Sciences were established as separate schools to focus on the development of the undergraduate and graduate curricula and programmes, as well as faculty research.

The mission of the School of Economics is to accelerate the growth of SMU by creating a world-class center of research and teaching in economics.  Economic research form a key factor in the development of Singapore Management University as a foremost academic institution in "generating cutting-edge research with global impact and producing broad-based, creative and entrepreneurial leaders for the knowledge-based economy."  Economic theory and analysis underlie many of the major business disciplines.  For example, Introductory Economics is a Foundation course in the curriculum of both the Business and Accountancy Schools at SMU.  International Economics is a compulsory course for BBM students; and Economic Theory and Econometrics are building blocks for the study of Finance.  Many sub-disciplines in Economics provide the foundations for business and management area studies like consumer behaviour, decision sciences, marketing and organisational behaviour.  www.economics.smu.edu.sg

About International Trading Institute @ SMU

The International Trading Institute at Singapore Management University (SMU), or ITI@SMU, was formed in 2007 as the result of a collaborative effort between SMU, International Enterprise (IE) Singapore and leading industry players in the trading sector.  The Institute boasts a specialist focus on international trading and offers SMU’s industry partners and students a platform for thought leadership and talent development in the area of international trading.

ITC was launched with the primary aim of providing in-depth knowledge on the trading sector to prepare SMU undergraduates for careers with companies operating in the trading value chain, through various experiential learning opportunities.  The programme is offered to SMU students who have opted for Finance as a major in SMU’s Bachelor of Business Management (BBM) programme.