Singapore retains top spot as international shipping centre
Singapore has topped the 2019 Xinhua-Baltic International Shipping Centre Development (ISCD) Index for the sixth year running. The index provides a ranking of the performance of the world’s largest cities that offer port and shipping business services.
Based on 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.
In the six years since the 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.
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 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.
- Hong Kong
- New York – New Jersey