Singapore's maritime sector will be receiving fresh funds and programmes that will build up a local talent pool, improve productivity levels and spur more research and development activity. SMU will offer a Maritime Economics Concentration (MEC) in August, where economics majors will learn about maritime economics, maritime law, supply-chain management and ship finance. About 40 undergraduates will get to go on overseas industry study missions, attend talks by industry practitioners and undertake internships as part of the programme. Companies, such as DNB Bank, Womar Logistics and Pacific International Lines have signalled their intent to be industry partners of the MEC. The Maritime and Port Authority of Singapore will also set up a $2 million Global Internship Award and grant 100 interns over five years full sponsorship on their maritime-focused local and overseas attachments.