Keppel Shipyard is incorporated

Keppel Harbour is reputed to be the oldest shipyard in Singapore. Its history can traced back to two ship-repair companies – New Harbour Dock Company and Tanjong Pagar Dock Company^[1] – that were established in the 19th century.^[2] In 1905, the colonial government took over the Tanjong Pagar Dock Company and formed the Tanjong Pagar Dock Board, turning Tanjong Pagar into a cargo-handling centre, while Keppel Harbour focused on ship-repair activities.^[3]

In 1963, the government established the Port of Singapore Authority (PSA) to “provide adequate maintenance and efficient port services in the state and to promote the use, improvement and development of the port”.^[4] The PSA  took charge of all the operational, commercial and developmental activities of a dockyard, in addition to handling cargo and controlling shipping operations.^[5]

In the 1960s, Singapore had yet to establish itself as a ship-repair centre in the world shipping community.^[6] The government, however, noted at the time that the ship-repair industry was contributing S$70 million, or two percent, to the country’s gross domestic product, and employed about 10,000 workers. The government also projected that ship-repair, ship-building, shipping and deep-sea fishing industries would earn about S$500 million a year by the 1970s.^[7]

To leverage the potential in these industries, the government formed Keppel Shipyard (Pte) Ltd on 1 September 1968 to take over the ship-repair and ship-building services of the PSA’s dockyard department.^[8] Hon Sui Sen, then chairman of the Economic Development Board, was appointed chairman of the new company.^[9] The Swan Hunter Group, Britain’s largest ship-building and ship-repair company at the time,  and former managing agents of the dockyard department, were appointed managing agents of Keppel Shipyard.^[10]

The government invested over S$6 million to upgrade  and modernise the dockyard at Keppel Harbour.^[11] In 1972, Keppel Shipyard came under local management;^[12] two years later, the company achieved an all-time record profit of S$130 million in gross sales.^[13] By the mid-1970s, Singapore has gained a reputation as a major international ship-repair centre, particularly for large vessels.^[14]

References
1. Today of an MNC. (1989, August 3). The Straits Times, p. 11. Retrieved from NewspaperSG.
2. Ministry of Culture. (1978, January 29). Speech by the Minister for Finance, Mr Hon Sui Sen, at the opening of Keppel Shipyard’s Tuas yard on Saturday, January 28, 1978 at 3pm. Retrieved January 16, 2015, from National Archives of Singapore website: http://www.nas.gov.sg/archivesonline/
3. The Straits Times, 3 Aug 1989, p. 11.
4. The Straits Times, 3 Aug 1989, p. 11; Port bill for committee. (1963, June 16). The Straits Times, p. 10. Retrieved from NewspaperSG.
5. S’pore geared to meet rising demands: Hon. (1968, September 2). The Straits Times, p. 6. Retrieved from NewspaperSG.
6. Lim, R. (1993). Tough men, bold visions: The story of Keppel (p. 63). Singapore: Keppel Corporation. Call no.: RSING q338.762383095957 LIM.
7. The Straits Times, 2 Sep 1968, p. 6.
8. Announcing… the formation of Keppel Shipyard. (1968, September 2). The Straits Times, p. 5. Retrieved from NewspaperSG.
9. Pestana, R. (1968, September 3). Singapore to build 70,000-ton ships. The Straits Times, p. 7. Retrieved from NewspaperSG.
10. New firm takes over dockyard functions. (1968, September 2). The Straits Times, p. 7. Retrieved from NewspaperSG.
11. The Straits Times, 2 Sep 1968, p. 6.
12. From shiprepairer to global conglomerate. (1989, August 3). The Straits Times, p. 10. Retrieved from NewspaperSG.
13. Daniel, J. (1975, June 5). $27mil bond issue for Keppel’s new drydock. The Straits Times, p. 10. Retrieved from NewspaperSG.
14. Association of Singapore Marine Industries. (2015). A closer look at the marine industry. Retrieved January 19, 2015, from the Association of Singapore Marine Industries website: http://www.asmi.com/index.cfm?GPID=29