The Singapore government, in collaboration with maritime businesses and local seafarer unions, on Aug. 13 awarded SG$2.6m (US$1.86m) in maritime scholarships for students taking up maritime studies.

Fifty-eight students received the funding at an awards ceremony held at the Conrad Contennial Singapore Hotel.

The scholarships were distributed under two maritime programmes - Maritime Outreach Network (MaritimeOne) and Tripartite Maritime Scholarships (TMSS) - which aim to nurture young talents in the shipping industry.

"The maritime industry in Singapore has so much to offer in career opportunities and development for our young people. It is a key pillar of our economy, contributing 7% to our nation's GDP," said MaritimeOne chairman Michael Chia.

The state-driven initiatives in promoting maritime industry to young students are well-received by the shipping community, as several new shipping companies have pledged sponsorship for 2015.