Sixth consecutive year of growth
Singapore has topped the 2019 Xinhua-Baltic International Shipping Centre Development 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 first report in 2014 included three European locations in the top five; in 2019 only London remains. The top five international shipping centers are Singapore, Hong Kong, London, Shanghai and Dubai.
Shanghai and Dubai catching up with London
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.
Apart from Shanghai, Chinese cities including Zhoushan, Guangzhou, Qingdao, Dalian, Shenzhen, Tianjin, Kaohsiung and Xiamen also ranked among the top 30 global shipping hubs.