Singapore retains top spot as international shipping centre for 8th consecutive year

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

Singapore was followed by London, Shanghai, Hong Kong and Dubai.

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

The ISCD 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.

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.

Source: TheStraitsTimes