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Singapore announced top maritime centre for 11th consecutive year

‘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,’ says Baltic Exchange.

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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:

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Photo credit: Manifold Times
Published: 22 August 2024

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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