Singapore again tops ‘most important’ shipping hub

For the eleventh consecutive year, Singapore has solidified its position as the world’s topmost shipping hub in the Asia-Pacific region, a new report shows.

Together with Xinhua News Agency, a news agency in China, the Baltic Exchange has published the annual Xinhua-Baltic International Shipping Centre Development Index (ISCDI) Report, revealing Singapore as an as-of-yet uncontested leader in shipping.

ISCDI ranks the world’s top 43 port cities and maritime centers based on a wide range of metrics. These include a thorough evaluation of port factors, such as cargo throughput and container berth length, as well as the overall business climate, customs tariffs and logistics performance.

Since 2014 – when the first report was released – Singapore has managed to maintain its topmost position. In 2024, the country achieved a 96.23 out of 100 score—a feat attributed to its ‘strategic location, robust international outlook, and a well-established ecosystem of professional maritime services’.

In the eleven years since the ISCDI was first published, countries from the Middle East and Asia have shown a steady upward trend. In Europe, the reality is somewhat different. While the 2014 report showed only three European nations in the TOP 5, by 2019 —only London remained.

This trend has not shifted much. As shown, this year, London secured the second position with a score of 82.50, maintaining its ‘prominence as a maritime support services powerhouse’. Shanghai, with a score of 81.84, retained third place.

Rounding up the five are Hong Kong with a 79.07 rating, and Dubai with a score of 75.64. Meanwhile, Rotterdam has kept its sixth place from 2023 into 2024.

According to the report, London, Shanghai, Hong Kong, Dubai, and Rotterdam have been secure in their positions thanks to their continued role in providing ‘key maritime services, industry-leading port infrastructure and adhering to global environmental regulations’.

The same as in 2023, New York/New Jersey rounded out the top 10. This is attributed to a substantial increase in container volumes, as well as improvements in port infrastructure. Other notable rankings include Houston at 11th (68.08), Tokyo at 12th (66.60), and Guangzhou at 13th (65.36).

The only new entrant is Tianjin, taking the 19th position and marking yet another Asian port in the global rankings.

Commenting on the 2024 rankings, Mark Jackson, Chief Executive of the Baltic Exchange, said:

“It has been eleven years since the Baltic Exchange began collaborating with Xinhua News Agency on this Index, and in that time, we have observed significant shifts in global trade patterns. The international shipping industry in 2023 demonstrated remarkable resilience and adaptability, reinforcing its indispensable role as the cornerstone of global trade. Despite facing significant economic slowdowns, geopolitical tensions, and environmental challenges, the sector maintained stability and continued to facilitate the movement of essential goods around the world.”

Pan Haiping, Chairman of China Economic Information Service, added that ISDCI did show ‘subtle changes in 2023’ but that, despite the challenges in the global shipping industry, including the Panama Canal and Red Sea route challenges, the maritime sector continued to exhibit ‘strong vitality and excellent resilience’.

“An efficient, safe, green and smart future is our expectation for the global shipping industry. We look forward to seeing the world’s international maritime centers, particularly those highlighted in our report, playing their part to explore the future development of the shipping industry.”

Reflecting on Singapore’s 11 years-long leadership, Teo Eng Dih, Chief Executive, of the Maritime and Port Authority of Singapore, highlighted:

“We thank our international partners, including maritime administrations, port authorities, industry, research community, the enterprise ecosystem as well as unions, for this achievement. We will continue to value-add to the maritime community and explore opportunities for collaboration with like-minded partners to strengthen Singapore’s connectivity and advance maritime decarbonization, digitalization and talent development for the global maritime community.”