The report lauded the city’s strength in ship management and shipbroking services.
Singapore defended its crown against Hong Kong to rank as the top international shipping centre for the sixth year in a row, according to the 2019 Xinhua-Baltic International Shipping Centre Development (ISCD) Index.
The evaluation results show that Singapore possesses strength in ship management and shipbroking services.
Rounding up the top five shipping centres are London, Shanghai, and Dubai at third, fourth, and fifth spots, respectively.
“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,” Lu Su Ling, head of Baltic Exchange Asia, commented.
In terms of strengths, second-placer Hong Kong is greatly benefiting from China’s Belt and Road Initiative and the Guangdong-Hong Kong-Macau Greater Bay Area. Moreover, the report noted London’s first-class services in shipbroking, legal and shipping finance and Shanghai and Dubai are catching up with London in their level of shipping development.
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, which was acquired by the Singapore Exchange (SGX) in 2016.
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