Singapore’s Shipping Centre Comes Top in the World Rankings in 2018
For the past four years, Singapore shipping has been considered as one of the best shipping centres in the world, according to a study done by the Baltic Exchange and Xinhua. Once again in 2018, Singapore comes out on top in the rankings, performing the best in terms of its shipping business services.
Hong Kong, London, Shanghai, Rotterdam, and Dubai closely follow Singapore’s rankings.
In the study, countries came among three tiers for centres. The Tier categories were traditionally-renowned, innovation-leader and potential-for-development.
Singapore, Hong Kong, and London were among the cities which came in the traditionally-renowned tier. According to the study, these centres were doing well capitalizing on their locations in developed shipping markets. Therefore, they are able to provide the most comprehensive shipping services with abundant support in terms of transportation and logistics.
One of The Top Five Ports
Singapore continued its position of being the second best shipping services centre after London for the past four years in a row. Singapore was also fourth when it came to maritime-related law firms. Additionally, the city-state is one of the top five ports with the most number of shipping companies.
The country’s shipping business services are among the reasons that Singapore has managed to stay on top of the rankings. There are at least 40 branch offices of container shipping companies and 20 branches of bulk carrier firms.
According to the study’s analysis of shipping performance of cities along the Maritime Silk Road, customs procedures in Singapore, Hong Kong, and the United Arab Emirates have been relatively efficient. This has helped them maintain their high 5.5 level ranking.
Singapore’s port data analysis system exhibits the characteristics in line with that of an intelligent port. This is according to the Maritime and Port Authority of Singapore (MPA). What this system consists of is seven modules, among which include the automatic monitoring of vessel movements within the port, arrival, and forecasting. The module also consists of refueling analysis, pilot boarding, and monitoring. Besides that, there are berth utilization monitoring and forecasting, and even the monitoring of prohibited areas.