Posted on July 29, 2024
Singapore has retained its title as the leading maritime city in the world, according to a DNV report analysing global shipping hubs.
The latest edition of the Leading Maritime Cities (LMC) study by DNV and Menon Economics shines a light on the maritime cities offering the most effective policy measures, infrastructure and institutions driving advancements in the maritime industry.
Several objective and subjective indicators were used to rank the different cities with Singapore being recognised as the leading maritime city, followed by Rotterdam and London, with Shanghai and Oslo making up the remainder of the top five.
The Asian city-state hit the top spot in three of the report’s five pillars, retaining its position as the leader in ‘attractiveness and competitiveness’ and overtaking Athens and Shanghai in the ’shipping centres’ and ’ports and logistics’ categories.
“Driven by key bodies like the Maritime and Port Authority of Singapore and the Global Centre for Maritime Decarbonisation, Singapore has a forward-leaning, future-ready approach. They look at things not just for the next few years, but for the next decade,” said Dr Shahrin Osman, business development director, DNV Maritime Advisory and co-author of the report. “This includes policies towards building up a multi-fuel infrastructure, the electrification of harbour craft and the promotion of green shipping corridors.”
He added: “Overall, this has made Singapore an attractive location for shipping businesses, to the point where we now regard it as the Silicon Valley of the maritime industry.”
The report cited Singapore’s approach as helpful in attracting companies and top talent while creating a competitive economic environment with well-developed infrastructure that can encourage retention. This approach has also been beneficial for decarbonisation initiatives, ”where returns on investments take longer, and are dependent on wider infrastructure being in place”, said Osman. “Government support mechanisms can be crucial in facilitating innovation so that new products and solutions can be developed.”
The previous edition of LMC came out in 2022.
