Singapore ranked as top shipping centre
Singapore Retains Top Spot Amongst World Maritime Centres for the Eighth Consecutive Year
The Xinhua-Baltic International Shipping Centre Development Index, published by Chinese news agency, Xinhua, and global maritime data provider, the Baltic Exchange, has ranked Singapore as the top global shipping centre for the eighth year running.
The index is an independent ranking of the performance of locations around the world that provide port and professional services to the shipping industry.
Singapore has been rated as the top location due to the size of its port, number of internationally-focused shipbrokers, financiers, lawyers and insurers based there and its supportive government policies.
Despite a significant drop in global trade and business disruptions in 2020due to the pandemic, the relative positions of the world’s leading maritime centres have remained unchanged. London, Shanghai, Hong Kong and Dubai were the next four strongest centres, as they were the prior year.
The report finds:
- Singapore tops the list for the eighth year followed by London, Shanghai, Hong Kong and Dubai
- Top 10 locations remain largely unchanged since 2020, despite the impact of COVID-19, and features four Asian, four European, one Middle East and one United States location
- Asia occupies three of the top five spots
- Ningbo in China replaced Tokyo in the top 10
The rankings take in port factors including cargo throughput, number of cranes, length of container berths and port draught; number of players in maritime support businesses such as shipbroking, ship management, ship financing, insurance and law as well as hull underwriting premiums; and general business environment factors such as customs tariffs, extent of electronic government services and administration, ease of doing business and logistics performance.
Overall, 43 locations were rated with Singapore achieving a score of 97.2. The average score for a location was 58.8 points.
Click here to download a copy of the report.
This article is shared by courtesy of Baltic Exchange, the world’s only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 600 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
