“age”, in relation to a ship, means the difference between —
(a)
the year in which its keel was laid, or was at a similar stage of construction; and
(b)
the year in which it is to be registered as a Singapore ship;
“citizen of Singapore” includes a permanent resident of Singapore;
“foreign owned ship” means a ship that is not locally owned;
“local company” means a company in which all or a majority of the shares are owned by persons who are —
(a)
citizens of Singapore; or
(b)
companies in which, or which have holding companies in which, all or a majority of the shares are owned by persons who are citizens of Singapore or local companies.