Singapore retains top spot as international shipping centre

Singapore has consistently led Xinhua-Baltic International Shipping Centre Development (ISCD) Index. (Photo: ST)

Singapore (VNA) - Singapore has kept its position as the world's top shipping hub on the 2021 Xinhua-Baltic International Shipping Centre Development (ISCD) Index for the 8th consecutive year.

The city-state was followed by London (UK), Shanghai (China), Hong Kong (China) and Dubai (United Arab Emirates).

The top five rankings were unchanged from the previous year, despite the COVID-19 pandemic-induced drop in global trade and business disruption in 2020, the Baltic Exchange, a global maritime market data provider, said in a statement on July 11.

The ISCD Index, part of the annual Xinhua-Baltic Report, is published by the exchange in collaboration with China’s Xinhua News Agency.

The index provides an independent ranking of the performance of the world's largest cities that offer port and shipping business services.

Singapore has consistently led the index, thanks to the size of its port, number of internationally focused shipbrokers, financiers, lawyers and insurers based here, and supportive government policies, according to the Xinhua-Baltic Report 2021.

Senior Minister of State for Transport Chee Hong Tat said as the world’s busiest container trans-shipment and bunkering hub, the Port of Singapore has done well to support global seaborne trade during this pandemic.

Singapore’s international maritime centre remains a vibrant marketplace centred on a strong core of shipping companies and a comprehensive pool of maritime services such as shipbroking, marine insurance, ship financing and maritime law and arbitration, he said./.