According to the development index from the Xinhua-Baltic International Maritime Transport Center, Singapore established as the world’s largest marine shipping center for the seventh consecutive year, followed by London and Shanghai.
Singapore once again leads the logistics sector this year after positioning as the world’s leading marine shipping center.
So its confirm by a report from the Development Index of the Xinhua-Baltic International Maritime Transport Center published on July 11 by the Baltic Exchange in collaboration with the Chinese state news agency, Xinhua.
The index provides an independent ranking of the performance of the world’s largest cities offering port business and marine shipping services.
Why is this?
According to the index, its due to its geographic location advantages, the shipping industry, and government support policies.
The executive director of the Singapore Maritime and Port Authority, Quah Ley Hoon, described the news as positive and reiterated his commitment to remain leader of this list.
¨”We are committed with our shipping companies, industrial partners and unions, and we’ll endeavor to maintain our position as a leading international maritime center and as a world central port” he said.
What other countries are in the ISCD Index?
On the other hand, high-end financial, insurance and legal services for marine shipping give London second place in the index.
While Shanghai rose to third place as it’s considered the largest port in terms of container traffic, due to the constant improvements they implement in port facilities.
Hong Kong drop to fourth place due to declining freight performance and falling rankings compared to other places in areas like ship brokerage, insurance, and legal services.
Meanwhile, Dubai remained fifth for the third year in a row as the preeminent marine shipping center in the Middle East.