Shipping
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.
