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Neptune Orient Lines (NOL) chief executive Ng Yat Chung spoke to reporters on Monday as French shipping giant CMA CGM was in the $3.4 billion process of taking over the Singapore line.

CMA CGM offered to buy the company out in December 2015, and the proposed buyout cleared all regulatory hurdles on June 6th. The offer is due to close on July 4th.

Speaking to The Straits Times, Mr. Ng said Singapore has 'outgrown' NOL, commenting: "It might have been useful in the early days, but Singapore has become such a success now. Nearly all major carriers from around the world have a substantial presence here."

Mr. Ng added: "People ask if NOL helps to bring volume to Singapore - but we don't decide where to bring volume, our customers do that. They choose to use Singapore as a major trans-shipment hub, and that is only because Singapore is competitive.

"Singapore's status as a maritime hub has outgrown NOL for some time. It is not dependent on NOL. It is attractive to the offshore sector, the LNG (liquefied natural gas) sector, there are other sectors that have come up."

NOL's CEO said he understands that greater competition has led to some shipping companies keeping costs down by using cheaper locations. Citing CMA CGM, he remarked: "But some shipping companies have also come here. This is a constant game. Competition is on, it never stops. You gain some and lose some, that is how it is."

Port operator PSA and the Maritime Port Authority of Singapore (MPA) have announced an additional 10 percent reduction on port dues among their plan to strengthen the position of Singapore as the largest transshipment hub in the world.

Although the cost of doing business in the country is an issue, a new mega port in Tuas will enable Singapore to handle as many as 65 million containers per year. Currently, the number is 40 million.

Last month, Singapore also recorded the biggest monthly sales figure for marine fuels in its history. According to data released by the MPA, total sales at the world's leading bunker port rose by 254,000 tonnes, or 6.2 percent, to 4,363,700 tonnes in May, up from 4,109,700 tonnes in April. It is the first time that over 4.3 million tonnes have been sold in a single month at the Asian port.

Mr Ng said that he firmly believes that through improving productivity, Singapore will be a success for years to come.