For the ninth consecutive year, Singapore has been ranked the top shipping centre by the Xinhua-Baltic International Shipping Centre Development (ISCD) Index.
The ISCD index is published by the Baltic Exchange, a global maritime data provider, in collaboration with Chinese state news agency Xinhua. The index provides an independent ranking of the performance of 43 maritime locations, taking into account factors such as cargo throughput, port facilities, maritime services and business environment.
Singapore clinched the top spot due to its robust port infrastructure, comprehensive range of maritime services and supportive government policies, according to the index released on Monday (July 11).
The Republic scored 94.88 out of a possible 100 points, while stronghold London came second with 83.04 points. Meanwhile, Shanghai, home to the world's largest port, took third place with 82.79 points.
Senior Minister of State for Finance and Transport Chee Hong Tat said in a statement on Monday that the continued success of Singapore as a leading maritime hub was the result of strong collaboration between the sector's tripartite partners.
"We will continue to innovate and grow together, and bring Maritime Singapore to greater heights," he said.
Baltic Exchange chief executive Mark Jackson said on Monday that the report served as a valuable reminder of how intrinsic shipping is to global trade and prosperity.
