Shipping
MSC container ship sinks off India coast
MSC container ship sinks off India coast
Port of Savannah container trade up 17% in April
DP World to launch US$2.5B logistics infrastructure investment in 2025
Port of Long Beach sees record April, warns of sharp May drop amid tariff impact
Suez Canal introduces rebates to regain containership traffic
CMA CGM warns extended China-US tariffs could disrupt global trade
U.S. slashes ‘de minimis’ tariff on small China parcels to 30%
LA, Long Beach ports warn of continued tariff uncertainty
China-US deescalation may spur early peak season
Yang Ming: US-China trade deal may spur demand, but uncertainty persists
US-China tariff pause offers temporary relief, could fuel another frontloading rush
Transpacific shipping faces capacity cuts as trade war escalates
Houthi ceasefire raises prospect of container traffic returning to Red Sea
Kale Logistics to develop Oman's national port community system
PSA BDP takes majority stake in Mexico’s ED Forwarding
Xeneta: ‘Ships for America Act’ adds more uncertainty to container shipping market
JAFZA marks 40 years with record US$190B in trade
Seafrigo expands multi-modal services to support global expansion
US port fees to have minimal impact on Transpacific niche carriers
Port fo NY/NJ is busiest US port in March
S&P: Liner shipping contributes US$1.1T to U.S. GDP
deugro Thailand delivers critical reactors for sustainable fuel production
Emirates Shipping Line joins World Shipping Council
Japanese shipyards may benefit from US port fees on Chinese vessels
MOL opens office in Washington, D.C.
Red Sea disruptions push shipping carbon emissions to record high in 2024
Port of LA expects a double-digit volume decline in the second half amid tariffs
DP World sources 65% of its electricity from renewables in 2024
Hapag-Lloyd: 30% of China’s US-bound shipments canceled
Port of Antwerp-Bruges says impact of US tariffs minimal for now
COSCO says planned US port fees threaten shipping, global supply chains
Yang Ming extends lease at Kaohsiung Port, acquires new containers
Transpacific sees surge in blank sailings amid escalating tariffs
UNCTAD: Global economic growth may slow to 2.3% amid mounting pressures
Port of Long Beach becomes the busiest U.S. port in Q1
IMO approves net-zero regulations for global shipping
India ends transshipment facility for Bangladesh exports
US softens stance on proposed port fees for Chinese vessels
Adani’s Colombo Terminal commences operations
Gemini shuttles hit 98% schedule reliability in February
Airfreight demand from China, Hong Kong to the US declines as rates rise
ZIM signs long-term charter deals for 10 LNG-powered 11,500-TEU vessels
Georgia Ports’ container trade grew 22.5% in March
CMA CGM inks AI deal with Mistral AI
Port of New York and New Jersey reports second-busiest February
Maersk's APM Terminals acquires Panama Canal Railway Company
ICS: Proposed US port fees on Chinese vessels to severely disrupt supply chains
PSA looks ahead to strategic developments in 2025 after record-breaking 2024
Hapag-Lloyd makes Philippine inaugural at ICTSI Manila
Yang Ming acquires three methanol dual-fuel ready vessels
Maersk shares updates on upcoming US reciprocal tariff plan
ONE highlights need for adaptability in volatile markets
WorldACD: Global air cargo rates rise as post-NY market rebounds
Chinese shipbuilder unveils LNG dual-fuel vehicle carrier
SATS partners with Guangtai to innovate ground support technology
SC Port's Inland Port Greer expands capacity by 50%
Hong Kong exporters remain positive despite growing trade tensions
Singapore opens applications for methanol bunkering licence
Tariff turmoil persists, though ocean freight rates continue to decline
UN agencies express grave concern over increased satellite interference
Baltic Hub welcomes multiple new services
Port of Savannah achieves busiest February on record
UK freight association seeks solutions to uninsured cargo
Rotterdam, Singapore boost green, digital shipping partnership
MSC announces standalone East/West network
Singapore, India ink deal to boost maritime digitalisation, decarbonisation
World Shipping Council calls on the U.S. to drop its planned port fees
Port of NY/NJ secures landmark lease extension with APM Terminals
Container rates slip amid signs of overcapacity
SC Ports expands weekly services with new ocean carrier deployments
Port of LA reports continued growth in shipments for February
Sea-Intel: Major ocean carriers profitability around US$60B in 2024
Adhira Shipping and Logistics sees continued demand for Cape Size carriers
Matadi Gateway Terminal expands hybrid equipment fleet
MPA, CMA CGM sign MoU to boost sustainable shipping, digital innovation
China, Hong Kong raise concerns over Hutchison Ports deal
Houthis ban U.S. vessels from the Red Sea; Trump vows end to the aggression
Hapag-Lloyd's port arm buys stake in terminal operator in Le Havre
MOL makes major stride in developing ammonia-powered carrier
WorldACD: Flat markets slightly above last year's levels
Frontloading continued to drive volume growth at the Port of Long Beach
Yang Ming plans regional route expansion amid evolving trade tensions
Malaysia's Sin-Kung Logistics eyes air cargo with Prima Air acqusition
Tianjin Port eyes increased container throughput to 35M TEUs by 2035
ILA-USMX officially sign six-year port contract through 2030
U.S. tariffs to accelerate relocation of factories to South, Southeast Asia
Singapore launches new standard on methanol bunkering
MOL strengthens chemical logistics business with new acquisition
MOL launches 1st onshore supply of green hydrogen produced at sea
DP World and Mawani inaugurate US$800M terminal in Jeddah
CMA CGM to invest US$1B for new Chicago air cargo hub
Trump halts Canada, Mexico tariffs again for another month
Trump unveils plans for new office of shipbuilding
CK Hutchison sells int'l ports business to BlackRock, MSC for US$22.8B
CMA CGM's first dual-fuel methanol vessel makes maiden call at Singapore
Alibaba, Maersk partner on container shipping services
MOL joins e-methane alliance e-NG Coalition
Freight pricing, contracts become more fluid
Port of New York and New Jersey records third busiest January ever
Viasea Shipping relaunches London Thamesport service
SINGAPORE IS TOP INTERNATIONAL MARITIME CENTRE FOR 11TH CONSECUTIVE YEAR
August 21, 2024
Singapore emerged once again as the world's top maritime centre in the 2024 Xinhua-Baltic International Shipping Centre Development (ISCD) Index report for the 11th consecutive year.
This annual report, now in its 11th year, ranks the world's leading shipping centres based on a comprehensive evaluation of port factors, professional business services, and the general environment.
Published jointly by the Chinese state news agency Xinhua and global maritime data provider Baltic Exchange, the report lists Singapore as the leading global maritime centre, followed by London and Shanghai.
The island nation scored 96.23 out of a possible 100 points, while the maritime support services powerhouse of London once again secured second place with 82.50 points. Shanghai retained third place Shanghai, with a score of 81.84 points, highlighting its significant role as a major port city in Asia.
"The enduring success of the island nation is attributed to Singapore's strategic location, robust international outlook, and a well-established ecosystem of professional maritime services," the ISCDI report said.
"London and Shanghai have retained their positions of second and third place, respectively, within the Index for the past five years," it added.
The index provides an independent ranking of 43 maritime locations' performance on factors including cargo throughput, port facilities, maritime services, and business environment.
"We thank our international partners, including maritime administrations, port authorities, industry, the research community, the enterprise ecosystem, as well as unions, for this achievement," said Teo Eng Dih, chief executive of the Maritime and Port Authority of Singapore.
"We will continue to value-add to the maritime community and explore opportunities for collaboration with like-minded partners to strengthen Singapore's connectivity and advance maritime decarbonisation, digitalisation and talent development for the global maritime community," he added.
Meanwhile, Hong Kong (79.07 points) and Dubai (75.64 points) completed the top five, taking fourth and fifth place, respectively.
Rotterdam solidified its position as a European leader by maintaining its strong sixth place from 2023 into 2024.
The ISCDI report said both Athens/Piraeus and Ningbo Zhoushan have each climbed one place in the rankings this year, to seventh and eighth, respectively. As a result, Hamburg has dropped two spots to ninth but still maintains its decade-long position in the top 10.
As in 2023, New York/New Jersey rounded out the top 10 owing to a substantial increase in container volumes and improvements in port infrastructure.
"The top 10 shipping centres have shown little change from the previous year, reflecting the stability and sustained performance of these hubs and the wider maritime industry," the report said, although noting that Tianjin was the only new feature to this year's list, taking 19th position, marking yet another Asian port in the global rankings.
[Source: Xinhua-Baltic International Shipping Centre Development]
Further down the list, Houston is 11th (68.08 points), Tokyo is 12th (66.60 points), and Guangzhou is 13th (65.36 points).
The ISCDI noted that these cities continue to demonstrate robust maritime capabilities and significant contributions to global shipping.
The ISCDI Report considers various port metrics such as cargo throughput, crane count, container berth length, and port draught.
It also assesses the presence of professional maritime support businesses, including shipbroking, ship management, ship financing, insurance, and legal services, alongside hull underwriting premiums.
Additionally, the evaluation considers general business environment factors like customs tariffs, the level of electronic government services, and overall logistics performance.
According to this year's ISCDI Report, the average score amongst the top 10 ports is 77.12 points out of 100, 69.98 points for the top 20, and 59.13 points for the entire 43 rankings.
"It has been eleven years since the Baltic Exchange began collaborating with Xinhua News Agency on this Index, and in that time, we have observed significant shifts in global trade patterns. The international shipping industry in 2023 demonstrated remarkable resilience and adaptability, reinforcing its indispensable role as the cornerstone of global trade," said Mark Jackson, chief executive of the Baltic Exchange.
"Despite facing significant economic slowdowns, geopolitical tensions, and environmental challenges, the sector maintained stability and continued to facilitate the movement of essential goods around the world," he added.
Jackson noted that this year's rankings highlight the strength of global ports, with Singapore, London, and Shanghai continuing to lead the way.
"The shipping industry will continue to face challenges such as decarbonisation and evolving trade routes. However, its inherent resilience and strategic importance will ensure that it remains a critical driver of global economic growth and stability," the Baltic Exchange chief further said.
Pan Haiping, chairman of China Economic Information Service, said this year's ISCDI Report shows that the world's trade and shipping network underwent some subtle changes in 2023.
"Even with all the challenges the global shipping industry faced throughout the year, including route challenges in the Panama Canal and the Red Sea, the maritime sector continues to exhibit strong vitality and excellent resilience, driven by global demand for goods."
He noted that decarbonisation has also become the consensus in the global shipping industry, while digital technologies such as AI, digital twins, IoT, and automation are constantly empowering the shipping industry and promoting the development of ports to become more efficient, smarter and more sustainable.
"An efficient, safe, green and smart future is our expectation for the global shipping industry. We look forward to seeing the world's international maritime centres, particularly those highlighted in our report, playing their part to explore the future development of the shipping industry," Haiping further said.
Singapore also held the top position in 2023, followed by London, Shanghai, Hong Kong, Dubai, Rotterdam, Hamburg, Athens/Piraeus, Ningbo-Zhoushan and New York/New Jersey.
