Singapore beats Hong Kong as top international shipping centre: study

Hong Kong dethroned London in 2018 to become the second best in the rankings.

Singapore has again beaten Hong Kong as the top international shipping centre for the sixth time in the 2019 Xinhua-Baltic International Shipping Centre Development (ISCD) Index.

The Lion City won against Hong Kong which only clinched the second place. Rounding up the top five in the study’s rankings are London, Shanghai, and Dubai at third, fourth, and fifth spots, respectively.

It was in 2018 when Hong Kong dethroned London as the second in the study’s rankings. Before that, Hong Kong placed third from 2014 to 2017.

The evaluation results show that Singapore possesses strength in ship management and shipbroking services. Meanwhile, the study noted that Hong Kong is benefiting from China’s Belt and Road Initiative and economic opportunities in the Guangdong-Hong Kong-Macau Greater Bay Area.

Based on objective factors including port throughput and facilities, depth and breadth of professional maritime support services, as well as general business environment, the report is a collaboration between the Chinese state news agency, Xinhua, and international freight benchmark provider, the Baltic Exchange which has been acquired by the Singapore Exchange (SGX) in 2016.

The report noted London’s first-class services in shipbroking, legal and shipping finance whilst Shanghai and Dubai are said to be catching up with London in their level of shipping development.