Singapore shines among global Maritime Capitals
Oslo, Norway – Maritime Industry Report Analysis
The Asian maritime hubs of Singapore, Hong Kong, and Shanghai have been highlighted in the latest biennial report from Norwegian Consulting firm Menon. Our review summarises some of the key findings in the report.
While Objective Indicators place Athens and Tokyo ahead of the rest of the world as leading shipping centres, in real terms Singapore is ranked highest according to surveys of industry experts.
“Singapore’s biggest strength is a business friendly government, while the city’s weakness is limited human capital”, an Industry Expert was quoted as saying.
From the report: “Singapore has a strong position, both commercially and operationally, and is also an important meeting hub for building market relationships and doing deals. Still, many shipowners in the country are not originally from Singapore. An important reason for Singapore’s popularity is its stable pro-business environment. In 2015, the World Bank again placed the city first for ease of doing business.”
Singapore is the physical home to the fourth largest fleet size of some 36 billion CGT, yet it city state manages the world’s second largest fleet, almost doubling its figures to over 60 billion CGT. This gives rise to a strength in operational capabilities, pushing it higher in world rankings.
PORTS & LOGISTICS
“Singapore is the leading city today for port services and logistics and comes out on top in both our subjective and objective rankings. In the objective ranking, the large Asian ports of Hong Kong and Shanghai are Singapore’s closest contenders.” Five tier one cities for maritime port and logistics services were identified in this report: The “Asian Trio” – consisting of Singapore, Hong Kong and Shanghai, and the two European port cities of Rotterdam and Hamburg.
COMPETITIVENESS & ATTRACTIVENESS
This bi-annual report ranks the 15 leading maritime capitals of the world within five areas: Shipping centres, maritime finance and law, ports and logistics services, maritime technology and attractiveness and competitiveness. In 2015, Singapore is ranked as the overall leader, followed by Hamburg and Oslo.
LEADING MARITIME CITIES OF THE FUTURE
Industry experts were asked to predict the state of play in 5 years time, to give a perspective of the Maritime centres by year 2020.
“There seems to be a clear consensus … that Singapore will remain the most important city in 2020, while Shanghai is expected to become the second most important. Shanghai’s importance is related to the growing influence of the Chinese economy. China has the world’s second largest economy and its export- oriented business environment is dependent on the trade of goods.”
The report also noted the rise of second-tier ports Manila and Jakarta as growing in importance for maritime shipping. The Philippines recently overtook European centres as the fourth largest ship building nation based on fleet size. Dubai has been singled out for growth in the next 5 years due to its strategic location and the Emirates government’s political push to increase their industry presence
Download the full report here (PDF) – The Leading Maritime Capitals of the World
Original report by: Erik W. Jakobsen, Christian Svane Mellbye, Øystein S. Sørvig.