Singapore Retains Global Shipping Hub Crown

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  • Singapore remains the world’s leading maritime hub according to multiple global surveys, the latest of which was unveiled at Singapore Maritime Week.
  • The 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics saw the Lion City out on top, followed by Rotterdam and London.
  • The city-state is expected to hold this position for the next five years, the report maintained.

Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and London, reports the Straits Times quoting the 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics.

S’pore retains crown as world’s top maritime city

The city-state, with its large owned and managed vessel fleets, strategic geographic advantages, pro-business policies and its position as a leader in the maritime energy transition, is expected to hold this position for the next five years, the analysis determines.

Compiled in cooperation between the classification society DNV and Menon Economics, the LMC report offers new insights into the maritime cities that offer the best policy measures, initiatives, and support. These cities excel in both soft and hard infrastructure and boast elite talent enabling maritime companies and individuals to connect and prosper.

Similar to previous iterations, the study benchmarks each maritime city on five pillars – Shipping Centers, Maritime Finance and Law, Maritime Technology, Ports and Logistics and Attractiveness and Competitiveness.

Singapore hit the top spot in three out of five pillars, retaining its position as leader in Attractiveness and Competitiveness and overtaking Athens and Shanghai in Shipping Centers and Ports and Logistics, respectively.

Fourth and fifth place overall went to Shanghai and Oslo, meaning that three of the five leading cities are in Europe, with the remainder in Asia. Shanghai is also predicted to grow in importance across the next half-decade and become the second most prominent maritime city.

The analysis for the 2024 edition of the report saw the introduction of more subjective indicators, revealing the perceptions and evaluations of 190 invited business executives – mostly shipowners and managers – from around the world.

Combined with objective data, this has been instrumental in addressing the transformative effect of decarbonization and digital revolution on the shipping industry. The impact of both key factors can be felt throughout all the pillars the maritime cities are benchmarked against.

In addition to the LMC ranking, the maritime experts viewed Singapore, Oslo, Shanghai, and Rotterdam as the cities best prepared for digital transformation. Singapore’s investment and focus on maritime decarbonization have also further cemented its position as the world’s leading centre for green technologies and solutions, followed by Oslo and Rotterdam.

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Source: The Straits Times