S'pore is No. 1 again on index of shipping centres

Singapore has clinched the top spot on an index of global shipping centres for the second year in a row.

The International Shipping Centre Development Index ranks the performances of 46 major ports. London took second place and Hong Kong was third.

The three cities were said to be "the absolute leaders" due to their large port facilities and comprehensive maritime business service sectors, said a report accompanying the index.

Shanghai overtook Dubai to move up to sixth place from last year, while New York and Busan both advanced one rank.

Tokyo dropped out of the top 10, with Athens taking its place in the 10th spot.

Four of the top 10 shipping centres are in Asia, four in Europe, one in the Middle East and one in the United States, said the report, which was released last Friday.

"Singapore and London have continued to thrive for many reasons, not least because of their locations, experience, strong legal frameworks, tax frameworks and the ease of doing business," said Mr Jeremy Penn, chief executive of the maritime information service Baltic Exchange, which compiles the index with China's Xinhua news agency.

The index is based on evaluations of ports under three broad categories - maritime services such as brokerage, shipping finance and engineering; a city's business environment, which includes infrastructure and IT; and port conditions such as cargo volume and number of cranes.

Chong Koh Ping

A version of this article appeared in the print edition of The Straits Times on September 15, 2015, with the headline 'S'pore is No. 1 again on index of shipping centres'. Print Edition | Subscribe