Wednesday, 24 July 2019

Singapore Remains World’s Top Spot For International Shipping


Representation Image – Credits: Maritime and Port Authority of Singapore – Flickr
Singapore has topped the 2019 Xinhua-Baltic International Shipping Centre Development (ISCD) Index for the sixth year running. The index provides an independent ranking of the performance of the world’s largest cities that offer port and shipping business services.
Based on objective factors including port throughput and facilities, depth and breadth of professional maritime support services, as well as general business environment, the report is a collaboration between the Chinese state news agency, Xinhua, and international freight benchmark provider, the Baltic Exchange.
Acquired by the Singapore Exchange (SGX) in 2016, the Baltic brings together complementary strengths of Singapore and London, two of the world’s most important maritime centres.
In the six years since this report has been published, there has been a general rise in the performance of Asian and Middle Eastern locations. The first report in 2014 included three European locations in the top five; in 2019 only London remains. The top five international shipping centres are Singapore, Hong Kong, London, Shanghai and Dubai.
Lu Su Ling, Head of Baltic Exchange Asia, says; “Singapore commands a strategic position as a maritime hub in the regional and global arena. The maritime industry is, and will remain, a big contributor to Singapore’s economy and it is therefore important that we continue to innovate and invest in this sector to achieve long-term success.”
“We are honoured to top the 2019 Xinhua-Baltic International Shipping Centre Development Index for six years running. It is a vote of confidence to the quality of services offered by the Port of Singapore, as well as the conducive business environment that facilitates an array of maritime activities in Singapore. This would not have been possible without the strong support from the maritime establishments, industry partners and unions. We look forward to an even closer working relationship to bring the Singapore maritime industry to even greater heights,” – Dr Lam Pin Min, Senior Minister of State, Ministry of Transport and Ministry of Health.
Xu Yu Chang, President of The China Economic Information Service, a wholly-owned company of the Xinhua News Agency, says; “Shipping is an essential method of international trade transportation and has become a significant pillar in the evolution of globalisation. Over the years, the joint index by Xinhua and the Baltic Exchange has become a globally recognisable evaluation tool for shipping centres around the world. In the context of continued globalisation, I believe our index will play an even greater role in optimising the allocation of global shipping resources and promoting the scientific development of international shipping centres in the future.”
Based on the evaluation scores, Singapore shows strength in ship management and shipbroking services, while Hong Kong is benefiting from China’s Belt and Road Initiative and economic opportunities in the Guangdong-Hong Kong-Macau Greater Bay Area. London’s first-class services in shipbroking, legal and shipping finance were highlighted. As important cities in emerging economies, Shanghai and Dubai are catching up with London in their level of shipping development, and were ranked fourth and fifth respectively.
Top 10 port cities of the Xinhua-Baltic International Shipping Centre Development Index
Ranking
2019
2018
2017
2016
2015
2014
1
Singapore
Singapore
Singapore
Singapore
Singapore
Singapore
2
Hong Kong
Hong Kong
London
London
London
London
3
London
London
Hong Kong
Hong Kong
Hong Kong
Hong Kong
4
Shanghai
Shanghai
Hamburg
Hamburg
Rotterdam
Rotterdam
5
Dubai
Dubai
Shanghai
Rotterdam
Hamburg
Hamburg
6
Rotterdam
Rotterdam
Dubai
Shanghai
Shanghai
Dubai
7
Hamburg
Hamburg
New York – New Jersey
New York – New Jersey
Dubai
Shanghai
8
New York – New Jersey
New York – New Jersey
Rotterdam
Dubai
New York – New Jersey
Tokyo
9
Houston
Tokyo
Tokyo
Tokyo
Busan
New York – New Jersey
10
Athens
Busan
Athens
Athens
Athens
Busan
Reference: thebalticbriefing.com

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