The Baltic Exchange, an independent source of maritime market information, on Wednesday (21 August) said Singapore has been recognised as the world’s leading shipping centre for the 11th consecutive year.

According to the newly-released 2024 Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report, Singapore achieved a score of 96.23 out of 100. 

“The enduring success of the island nation is attributed to Singapore’s strategic location, robust international outlook, and a well-established ecosystem of professional maritime services,” Baltic Exchange said in a statement. 

This annual report, now in its 11th year, ranks the world’s leading shipping centres based on a comprehensive evaluation of port factors, professional business services, and the general environment.

London once again secured second position with a score of 82.50, demonstrating its continued prominence as a maritime support services powerhouse. Shanghai, with a score of 81.84, retained third place, highlighting its significant role as a major port city in Asia. 

London and Shanghai have retained their positions of second and third place, respectively, within the Index for the past five years.

Hong Kong (79.07) and Dubai (75.64) rounded out the top five, emphasising the strength and importance of these key global shipping hubs. Rotterdam solidified its position as a European leader by maintaining its strong sixth place from 2023 into 2024.

Meanwhile both Athens/Piraeus and Ningbo Zhoushan have each climbed one place in the rankings this year, to seventh and eighth, respectively. As a result, Hamburg has dropped two spots to ninth but still maintains its decade-long position in the top 10.

As in 2023, New York/New Jersey rounded out the top 10 owing to a substantial increase in container volumes, as well as improvements in port infrastructure.

Key findings of the 2024 ISCDI Report:

• Top Performers: Singapore, London, and Shanghai continue to lead the rankings, underscoring their global leadership in shipping.
• Stability in Rankings: The top 10 shipping centres have shown little change from the previous year, reflecting the stability and sustained performance of these hubs and the wider maritime industry.
• New Entrant: Tianjin was the only new feature to this year’s list, taking 19th position, marking yet another Asian port in the global rankings.
• Other notable rankings include Houston at 11th (68.08), Tokyo at 12th (66.60), and Guangzhou at 13th (65.36). These cities continue to demonstrate robust maritime capabilities and significant contributions to global shipping.

The ISCDI Report evaluates a total of 43 maritime locations, considering various port metrics such as cargo throughput, crane count, container berth length, and port draught. It also assesses the presence of professional maritime support businesses, including shipbroking, ship management, ship financing, insurance, and legal services, alongside hull underwriting premiums. 

Additionally, the evaluation considers general business environment factors like customs tariffs, the level of electronic government services, and overall logistics performance.

According to this year’s ISCDI Report, the average score amongst the top 10 ports is 77.12 out of 100, and 69.98 for the top 20, with the average across the entire 43 rankings standing at 59.13.

Mark Jackson, Chief Executive of the Baltic Exchange, said: “This year’s rankings highlight the strength of global ports, with Singapore, London, and Shanghai continuing to lead the way, providing world-class services and infrastructure that underpin the industry’s success. The shipping industry will continue to face challenges such as decarbonisation and evolving trade routes. However, its inherent resilience and strategic importance will ensure that it remains a critical driver of global economic growth and stability.”

Pan Haiping, Chairman of China Economic Information Service, said: “This year’s ISCDI Report shows that the world’s trade and shipping network underwent some subtle changes in 2023. Even with all the challenges the global shipping industry faced throughout the year, including route challenges in the Panama Canal and the Red Sea, the maritime sector continues to exhibit strong vitality and excellent resilience, driven by global demand for goods.”

Global rankings of the last decade – 2015 to 2024:

Photo credit: Manifold Times
Published: 22 August 2024