Singapore holds the top ranking among the world’s maritime centres on the Xinhua-Baltic International Shipping Centre Development Index (ISCD) for the sixth time in a row, according to media reports.
The country aced 42 cities including Hong Kong, which ranked second on the index followed by London. Shanghai stood fourth and Dubai fifth according to ISCD.
The maritime ranking implies that Singapore is a good performer in ship management and shipbroking services. International Shipping Centre Development Index is a collaboration between Chinese media Xinhua and Baltic Exchange, a freight market information provider.
Baltic Exchange in a statement highlighted that Singapore ‘shows strength’ in ship management and brokering services. It also noted that Hong Kong is benefiting from China’s Belt and Road Initiative and the Guangdong-Hong Kong-Macau Greater Bay Area.
London was recognised for its ‘first-class services’ in areas such as shipbroking, legal and shipping finance. Shanghai and Dubai are also catching up with London’s capabilities in shipping development.
Senior Minister of State for Transport Dr Lam Pin Min said that Singapore’s top ranking on the index for the sixth year running reflects on the ‘quality of services’ offered by the Port of Singapore in addition to a favourable business landscape that is conducive for a myriad of maritime activities in Singapore.
According to the Strait Times, Transport Minister Khaw Boon Wan said that the maritime sector is a ‘brutally competitive business’. “Success is not guaranteed. But complacency will certainly get us off the chart,” he added.