Singapore named top maritime capital of the world for 3rd consecutive time

The PSA Tanjong Pagar Terminal.
The PSA Tanjong Pagar Terminal.ST PHOTO: KUA CHEE SIONG

SINGAPORE - Singapore has once again clinched top place in a ranking of the world's maritime capitals called the Menon Report.

The study, by Norwegian consultancy firm Menon Economics, looked at 24 objective indicators and garnered survey responses from more than 250 industry experts across all continents. Singapore was also ranked first in the report's 2015 and 2012 surveys.

This year, Singapore was ranked number one in three categories: shipping, ports and logistics, and attractiveness and competitiveness.

Menon Economics said Singapore also scored impressive results in the remaining two categories: second place in maritime technology and fourth place in finance and law.

Significantly, Singapore jumped three places from fifth to second position in the maritime technology category, underlining its efforts in technology and research.

In making predictions about the world's leading maritime capitals five years ahead, the majority of industry experts surveyed shared a consensus that Singapore will remain the most important city, with many believing that the country has strong capabilities to handle digital transformation in the maritime industry.

In the ranking's shipping, and ports and logistics categories, Singapore emerged first due to its strategic geographic location, as well as its position as an important centre for commercial management and the world's second largest port, said the report.

Singapore ranked top in overall attractiveness and competitiveness due to the ease of doing business and customs procedures. According to the report, seven in 10 experts regarded Singapore as one of the three most attractive cities in the world for relocating their headquarters and also identified it as one of the maritime capitals most prepared and ready to adopt digitalisation.

Mr Andrew Tan, chief executive of Maritime and Port Authority of Singapore (MPA), said the accolade "will spur us to work harder to make Maritime Singapore the global maritime hub of choice."

To ensure that Singapore remains a leading maritime hub, MPA is leading the Sea Transport Industry Transformation Map with industry stakeholders, to drive innovation and productivity, and equip the local maritime workforce with necessary skills to take on higher value-added jobs of the future.