Singapore holds top spot as world shipping centre for 7th straight year
THE Baltic Exchange, in collaboration with China's official news agency Xinhua, has published the 2020 Xinhua-Baltic International Shipping Centre Development (ISCD) Index, reports Genoa's Med Telegraph
THE Baltic Exchange, in collaboration with China's official news agency Xinhua, has published the 2020 Xinhua-Baltic International Shipping Centre Development (ISCD) Index, reports Genoa's Med Telegraph.
The index, in its seventh edition, provides an independent ranking of the performance of the world's largest cities that offer port and shipping business services.
The latest report shows the Top 5 international shipping centres remain the same as 2019, although with some movement; Singapore tops the list for the seventh consecutive year followed by London, Shanghai, Hong Kong and Dubai.
London and Dubai are the only top five international shipping centres outside Asia, with London moving up one spot to second place; continued rise in Middle East and Mediterranean locations with Dubai retaining fifth place while Athens rose to eighth place.
Singapore maintained its position as the most important shipping hub in the Asia-Pacific region, ranking first for seven consecutive years with its advantages of geographical location, shipping industry ecosystem and supportive government policies.
London, with advantages accruing from providing high-end shipping finance, insurance, and legal services, has climbed back to the second place after dropping to third place in 2018 and 2019. As the biggest port in terms of container throughput, Shanghai has seen a steady improvement in port facilities and shipping service levels, and has ascended to the top three for the first time.
Hong Kong fell to fourth place mainly due to a decrease in cargo throughput and a drop in rankings relative to other centres in areas such as ship brokerage, insurance and legal services.
Dubai, as the pre-eminent shipping hub in the Middle East, ranked fifth for the third consecutive year.
Rotterdam and Hamburg have also retained their positions since 2018, ranking sixth and seventh respectively.
Athens rose to eighth place, benefiting from an improving business environment. New York-New Jersey slipped down one notch while Tokyo rose one place, returning to the ranks of the top 10.