Ports & TerminalsWorldwide

Singapore is the world’s top maritime hub

 

For the ninth consecutive year, Singapore has achieved the top position in the Xinhua-Baltic International Shipping Centre Development Index published by the Chinese news agency Xinhua and global maritime data provider, the Baltic Exchange.

The index gauges the performance of locations with port and professional services for the shipping industry.

The location has been rated number one due to the expansive port and the numerous shipbrokers, financiers, lawyers and insurers based there with an international focus.

Singapore scored an impressive 94.88 out of 100 points based on three distinct categories.

Since its inception over nine years ago, Singapore has won the annual event more times than any other country.

Quah Ley Hoon, chief executive of the Maritime & Port Authority of Singapore (MPA), explained what made it a consistent winner.

“It is a reflection of the strong tripartite partnership with our partners, industry players, and unions in Maritime Singapore. During the pandemic, we are also reminded of the global nature of shipping and the need for close collaborations to address global challenges, such as crew change,” Quah said.

WHAT IS THE ISCD INDEX?

The ISCD index is published jointly by the Baltic Exchange and the Chinese state news agency Xinhua. It ranks the performance of 43 maritime locations based on strict criteria such as cargo throughput, port facilities, maritime services and business environment.

London maintained its 2nd place ranking with 83.04 points, and Shanghai remained 3rd with 82.79 points. Hong Kong and Dubai held onto their 4th and 5th place rankings, respectively, while Rotterdam and Hamburg rounded out the top seven cities.

There were a few changes in the top 10 rankings from last year. New York/New Jersey moved to 8th place, while Athens/Piraeus dropped to 9th. The boxship re-routing from crowded US West Coast ports raised New York/Jersey’s ranking.

Out of the 43 rankings, the average score among the top 10 ports is 76.98 out of 100, while the average across all ranks is 58.70.

Mark Jackson, chief executive of the Baltic Exchange, said the report is a valuable reminder of how essential shipping is to global trade and prosperity.

“It also illustrates that shipping does not exist in silos. The success of the maritime hubs included in the top 10 list has for the most part been borne out of collaboration and synergies across different sectors of the shipping industry.”

The rankings were based on how the ports scored in the following categories:

1) Port inputs (20% of weighting)

  • Container throughput (TEU)
  • Dry bulk cargo throughput (tons)
  • Liquid bulk cargo throughput (tons)
  • Cranes (no. of)
  • Container berths (length of)
  • Port draught (meters)

2) Business services inputs (50% of weighting)

  • Shipbrokers, managers, liner & bulker companies (no. of)
  • Classification society offices (no. of)
  • Maritime legal (no. of lawyers & arbitrators)
  • Ship Finance (no. of banks)
  • Hull underwriting premiums ($)

3) General environment inputs (30% of weighting)

  • Government transparency
  • The extent of e-government and administration
  • Customs tariffs
  • Logistics performance index

The success of Singapore as a prominent maritime centre is due to the partnership between the three organisations in charge, said Chee Hong Tat, Senior Minister of State for finance and transport, on Monday.

“We will continue to innovate and grow together and bring Maritime Singapore to greater heights,” he said.

This article is shared by courtesy of Martek Marine – www.martek-marine.com

For more articles about ports, click here

Back to top button