Singapore has once again secured its position as the world’s leading maritime center for the tenth consecutive year, according to the latest Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report.
Published jointly by the Chinese state news agency, Xinhua, and global maritime data provider, Baltic Exchange, the report highlights Singapore’s continued dominance in the maritime industry. With an impressive score of 95.32 out of a possible 100 points, Singapore outshines its competitors, London and Shanghai, which secured second and third place with scores of 83.35 and 81.58 points, respectively.
Singapore’s Decade-Long Maritime Reign
Singapore’s unwavering hold on the top spot can be attributed to several key factors. Its strategic location, international outlook, and a well-established ecosystem of professional global maritime services have been pivotal in maintaining its leadership position. Additionally, good governance practices have contributed to the city-state’s sustained excellence in the maritime sector.
Steady Rankings for London and Shanghai
London and Shanghai have maintained their positions as the second and third leading maritime centers for the past four years. While they continue to be strong contenders, they have not managed to close the gap with Singapore significantly.
Top 10 Rankings Remain Stable
The top 10 maritime centers have seen little movement in recent years. Hong Kong, Dubai, Rotterdam, and Hamburg secured the fourth, fifth, sixth, and seventh positions, respectively. However, New York and its New Jersey port slipped two places from eighth to tenth, while Athens/Piraeus moved up by one place. Notably, Ningbo-Zhoushan, a relative newcomer to the Index, occupies the ninth position. This ascent can be attributed to the Chinese city’s status as the world’s busiest port in terms of cargo tonnage.
Key Findings from the Index
The report’s key findings underscore the factors that contribute to a leading maritime business hub. These include ease of doing business, access to professional maritime services, and favorable geographical location. Interestingly, the top 10 maritime centers largely remain consistent, with four from Asia, four from Europe, one from the Middle East, and one from the United States.
Comprehensive Evaluation Criteria
The Xinhua-Baltic ISCDI Report takes into account various factors when assessing maritime centers. These factors include port infrastructure, shipping services, general business environment, and the presence of professional maritime support businesses such as shipbroking, ship management, ship financing, insurance, and law.
Looking Ahead
Mark Jackson, CEO of Baltic Exchange, commented on the report’s findings, emphasizing the shifting trade flows from west to east over the past decade. He highlighted the importance of collaboration among industry players in driving the growth and prosperity of maritime centers.
Xu Yuchang of China Economic Information Service underscored the significance of emission reduction strategies and technologies for the industry’s long-term sustainable future.
Singapore’s Chief Executive of the Maritime and Port Authority, Mr. Teo Eng Dih, expressed gratitude to international partners, industry stakeholders, and the research community for their contributions to Singapore’s maritime success. He reaffirmed Singapore’s commitment to fostering innovation, talent development, and sustainability in international shipping.
As the maritime industry continues to evolve, Singapore’s enduring dominance reaffirms its status as a global maritime powerhouse.
Source: Baltic Exchange