Singapore Ranked World's Top Shipping Center
For the sixth year running, Singapore has clinched the top spot among the world's maritime centers in the Xinhua-Baltic International Shipping Centre Development Index.
The island city-state in Southeast Asia beat 42 other cities such as Hong Kong, which ranked second, as well as London, which ranked third.
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.
The index provides an independent ranking of the performance of the world’s largest cities that offer port and shipping business services. It is a collaboration between Chinese state news agency Xinhua and international freight benchmark provider Baltic Exchange, a wholly-owned subsidiary of Singapore Exchange.
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.”
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 globalization. Over the years, the joint index by Xinhua and the Baltic Exchange has become a globally recognizable evaluation tool for shipping centers around the world."
Xu Yu added: "In the context of continued globalization, I believe our index will play an even greater role in optimizing the allocation of global shipping resources and promoting the scientific development of international shipping centers in the future.”
“We are honored 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.