Singapore retained its top position as the world's most important shipping hub on the Xinhua-Baltic International Shipping Centre Development (ISCD) Index.
This is the seventh consecutive year for Singapore to be ranked first on the index based on its advantages of geographical location, shipping industry ecosystem and supportive government policies, according to the Xinhua-Baltic Report 2020 released on Saturday.
The ISCD Index is published by the Baltic Exchange in collaboration with Chinese state news agency Xinhua. The index provides an independent ranking of the performance of the world's largest cities that offer port and shipping business services.
Baltic Exchange chief executive Mark Jackson said while the latest report reflects the pre-Covid-19 period, port cities that continue to build on their strengths can communicate a clear vision for the future.
"We call on all the main shipping hubs to continue investing in education, R&D and new services, remain open to global talent, and offer an attractive international business environment," he said.
The Baltic Exchange, headquartered in London, was acquired by the Singapore Exchange in 2016.
Maritime and Port Authority of Singapore chief executive Quah Ley Hoon said: "This good news comes amidst the Covid-19 gloom. The real test will be how we bounce back in a world shaken by an unprecedented crisis."
She said that Singapore will continue to rally governments and the global shipping community to work together and emerge stronger from the crisis caused by the pandemic.
"Within Singapore, we stand united with our maritime companies, industry partners and unions, and will strive to maintain our position as a leading international maritime centre and a global hub port," she said.
The report showed London, with advantages accruing from providing high-end shipping finance, insurance and legal services, climbing back to second place on the ISCD Index. It was placed third on the index in 2018 and last year.
Shanghai, as the biggest port in terms of container throughput, climbed to the third spot, helped by steady improvements in port facilities and shipping service levels.
Meanwhile, 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. Benefiting from an improving business environment, Athens rose to eighth place.
New York-New Jersey slipped by one place to the ninth position, while Tokyo rose one spot, returning to the ranks of the top 10.
Mr Xu Yuchang, president of the China Economic Information Service, a wholly owned company of Xinhua, said; "I believe the continued release of the index will further contribute to the sustainable global economic growth by optimising shipping resources worldwide as well as promoting the scientific development of international shipping centres."
© 2020 Singapore Press Holdings
This article was written by Ovais Subhani from The Straits Times and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.
