Maritime giant AP Moller Maersk will register more than 30 new ships under the Singapore flag, a move that will significantly boost the local shipping industry, analysts said.

The new ships will come on stream over the next three years and eventually bring AP Moller Singapore's 77-vessel fleet to above 100 for the first time.

More vessels are seeking to be registered in Singapore due to a range of government incentives like tax breaks, but the ships must also meet stringent safety rules