At a media briefing on Thursday, the Maritime and Port Authority of Singapore (MPA) chief executive, Brigadier-General (NS) Tay Lim Heng, explained why such an event is being held in the midst of a recession.

'This is exactly why we are doing it, because it is timely for the industry, as well as members of the Government ... to discuss strategies for weathering the storm and in fact to talk about strategies for preparing for the upturn, which must come,' said BG Tay.

The event begins on Saturday with a first- ever charity regatta at Raffles Marina.

Next week's events will see government officials - including Senior Minister S. Jayakumar, Transport Minister Raymond Lim and Minister in the Prime Minister's Office Lim Hwee Hua - and industry leaders like Dr Helmut Sohmen, chairman of shipping line BW Group, delivering key addresses.

The centrepiece will be the three-day Sea Asia conference and exhibition, which is held every two years. This will bring together industry heads to discuss the global crisis and its impact on the shipping industry.

Read the full report in Friday's edition of The Straits Times.