Singapore has retained its spot as the top shipping hub in the world, ranking first in the 2021 Xinhua-Baltic International Shipping Centre Development (ISCD) Index – a position it has held for eight years running.
According to international shipping organisation Baltic Exchange, the index is an independent ranking of various maritime centres around the world.
Singapore which got a score of 97.2, kept the top spot due to the size of its port, number of internationally-focused shipbrokers, financiers, lawyers and insurers based there. The index also noted that Singapore’s government policies are conducive to the maritime industry.
“Singapore is honoured to once again top this prestigious index of global maritime locations,” said Quah Ley Hoon, chief executive of the Maritime and Port Authority of Singapore. “It is an effort of not one but an ecosystem of many strong partners. The strong support from our port operators, industry partners, associations and unions has enabled Maritime Singapore to serve the needs of the sector and play its part to keep the global supply chain running amidst the COVID-19 pandemic.”
While global trade saw a significant decline last year due to the COVID-19 pandemic, the rankings of the world’s top shipping hubs remained mostly the same. Following Singapore are London, Shanghai, Hong Kong and Dubai to round out the top five, in the same positions as last year.
However, one notable change happened in the upper ranks, with Ningbo, China replacing Tokyo in tenth place.
“This year’s rankings were made on the back of the global pandemic and major disruptions to lives and businesses around the world,” said Mark Jackson, Baltic Exchange CEO. “Notwithstanding these challenges, the huge infrastructure of people and equipment that supports the global seaborne movement of billions of tonnes of trade held strong.”
