Singapore has been named the leading maritime city in the world, followed by Hamburg and Oslo, in a ranking of global ports.
China’s increasing importance to world trade is reflected in Shanghai’s new position at number four.
Menon Economics’ report The Leading Maritime Capitals of the World 2017 benchmarked 15 leading maritime cities in terms of shipping, finance and law, technology and ports and logistics services. The ranking included an overall assessment of the cities’ attractiveness and competitiveness.
And China’s growing power is also reflected in the fact the report anticipates that in five years’ time it will have climbed to second position, though still behind Singapore in first place.
It also predicted that in five years Hamburg, Oslo, Rotterdam and London would all be vying to be contenders to be leading European maritime city.
Singapore has maintained its position, despite weak economic conditions in shipping and offshore oil and gas markets, by increasing its focus on R&D developments within the industry over the last few years.
“Singapore has also been able to develop a world-leading service industry that is less influenced by business cycles,” said the report, noting that it was in the top five in all indicators.
London, in fifth place, is hot on the heels of Hamburg and Oslo as a centre for maritime finance and law, while Rotterdam’s strength lies in port and logistics services.
On China’s rise the report noted it was the world’s largest trading nation and home to the world’s largest shipbuilding industry.
“Seven of the world’s 10 largest ports are located in the vast country,” it said.
However, Hong Kong’s traditionally strong position was being challenged by the growth rate of other Chinese cities – leading to the city falling three places to seventh overall.
Dubai is the MENA region’s leading centre, was ranked 10th overall and is likely to become the world’s 6th most important maritime centre by 2022.
The top 15 ports:
7. Hong Kong
11. New York
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