Xinhua-and Baltic Exchange issued their International Shipping Centre Development (ISCD) Index 2019, placing Singapore at the top for the sixth consecutive year. Compared to 2014-2019, the overall evaluation results are relatively stable. The report showed a decreasing gap in the development level between Singapore and London.
Resulting from collaboration between the Baltic Exchange, part of SGX, and Chinese state news agency, Xinhua, the index provides every year an independent ranking of the performance of the world’s maritime centres globally.
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, and were ranked fourth and fifth respectively.
The top 10 international shipping centres
- Shipping centres of emerging economies in the Asia-Pacific region are still trending strongly upwards.
- Hong Kong, benefiting from the “Belt and Road Initiative” and the strategic opportunities offered by the “Guangdong-Hong Kong-Macau Greater Bay Area”, secured the second place.
- As important cities of emerging economies, Shanghai and Dubai were closing up with London in terms of shipping development level, and were ranked fourth and fifth respectively.
They were supported by rapidly developing modern shipping collection and distribution system, continuous improvement in shipping services, innovative free-trade measures, and continuous improvement of business environment.
- The development trend of conventional shipping centres in developed countries tends to be stable.
- Affected by the overall weak economic growth of the European region, the development situation in London, Hamburg and Rotterdam is relatively stable.
- Houston, supported by its enhancement in maritime legal services and financial services, joined the Top 10 Chart for the first time to occupy the ninth place.
- Athens beat Tokyo by a whisker to occupy the last spot in the Top10 Chart.
In the six years since this 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.
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, says.
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