Singapore retains top maritime capital spot

Singapore retains its status as leading maritime capital Photo: Menon Economics/DNV GL Singapore retains its status as leading maritime capital Photo: Menon Economics/DNV GL
Industry Database

The Leading Maritime Capitals 2019 report has been released, showing that Singapore has maintained its position as leader.

Fifteen capitals were assessed under criteria put together by Menon Economics and DNV GL which include soft and hard infrastructure and access to world-class talent and services.

“Singapore’s continuous effort to strengthen its attractiveness as an international maritime centre has been well received by the industry,” said Shahrin Osman, regional head of maritime advisory at DNV GL.

“The strong results on both the objective indicators and expert assessments indicate its relevance as a critical node within the maritime sector regionally and globally,” he added.

Despite a somewhat weak trade cycle in traditional shipping and offshore oil and gas markets yet to recover, Singapore was able to retain its lead in three of the five pillars of the ranking - shipping, ports and logistics as well as attractiveness and competitiveness.

In the two remaining pillars, London is number one in maritime finance and law, while Oslo is number one in maritime technology. On the overall ranking, Hamburg remains in the number two spot, while Oslo drops from third to seventh. Rotterdam and Hong Kong show the biggest improvement, climbing to third and fourth respectively, with London rounding out the top five and Shanghai at number six.

Asked to look five years into the future, the experts foresee Singapore retaining its top position, but with stronger competition from Shanghai, and Dubai poised to climb into the top five overall by 2024. Hamburg, Rotterdam, London and Oslo are expected to stay strong in Europe.

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