London’s position as a top three maritime city globally is coming under pressure from both Shanghai and Dubai, according to the latest rankings.
While still the dominant shipbroking hub, London was pushed out of second spot on the Xinhua-Baltic International Shipping Centre Development Index by Hong Kong last year and now the two other cities in the top five are closing in.
Singapore topped the list for the sixth year in a row, with both Hong Kong and London among the other maritime hubs ranked as "traditionally-renowned".
However, both Shanghai and Dubai are benefiting from their status as important cities in emerging economies and their position as "innovation-leaders", according to a report today.
“Shanghai is worth a special mention; for it is now close on the heels of Hong Kong and London, based on the evaluation scores,” the report said.
It noted the progressive realisation of deep-integration strategy encompassing the “Belt and Road Initiative + Free Trade Zone + Shipping Centres”.
Throw in the world’s largest container port and the report predicted Shanghai will continue to exert even greater influence in the international shipping industry.
For Dubai, the report said the Belt and Road Initiative and strengthening ties with China was boosting political, economic and cultural cooperation.
“Since 2017, China has become the largest trading partner of the UAE,” the report said.
“Moving forward, Dubai will play a more important role in bilateral trade between the two countries.”
The rise of Shanghai continues a theme running through the rankings since they were introduced in 2014.
While London was one of three European cities in the top five in the inaugural listing, it is the only one remaining today with Rotterdam and Hamburg having dropped back.
“Overall, the development speed of major shipping centers in Europe has slowed down, while the rising trend of Asian shipping centers has become more and more obvious,” the report said.
| Rank | 2019 | 2018 | 2014 |
| 1 | Singapore | Singapore | Singapore |
| 2 | Hong Kong | Hong Kong | London |
| 3 | London | London | Hong Kong |
| 4 | Shanghai | Shanghai | Rotterdam |
| 5 | Dubai | Dubai | Hamburg |
| 6 | Rotterdam | Rotterdam | Dubai |
| 7 | Hamburg | Hamburg | Shanghai |
| 8 | New York - New Jersey | New York - New Jersey | Tokyo |
| 9 | Houston | Tokyo | New York - New Jersey |
Singapore, the established world leader according to the index, shows strength in ship management and shipbroking services, the report concluded.
Lam Pin Min, Senior Minister of State, Ministry of Transport and Ministry of Health, said: “We are honoured to top the 2019 Xinhua-Baltic International Shipping Centre Development Index for six years running.
“It is a vote of confidence to the quality of services offered by the Port of Singapore, as well as the conducive business environment that facilitates an array of maritime activities in Singapore.
“This would not have been possible without the strong support from the maritime establishments, industry partners and unions.
“We look forward to an even closer working relationship to bring the Singapore maritime industry to even greater heights.”
While Hong Kong is benefiting from China’s Belt and Road Initiative and economic opportunities in the Guangdong-Hong Kong-Macau Greater Bay Area, London’s first-class services in shipbroking, legal and shipping finance were highlighted.
Elsewhere, Athens fought its way back into the top 10 at the expense of Tokyo by a "whisker", the report said.
"The largest container port in the Mediterranean region, Athens-Piraeus Port Cluster will play a greater role in driving the economic development of countries in the Mediterranean region," it added.
London top shipbroking hub
Despite sliding back overall during the past two years, London remains comfortably the global leader in shipbroking.
London was placed ahead of Singapore, Athens, Shanghai, Dubai, Hong Kong, New York and Oslo in the broking league.
Oslo's low ranking is a surprise and conflicts with the opinions voiced by some major shipowners this summer.
"For a long time, London, as a traditional shipping centre, still holds a leading position in shipbroking services," the report said.
"In particular, its information resources and the wide network of brokerage companies have exhibited strong competitiveness.
"However, with the eastward shifting of the world’s shipping centres, second-tier shipping services in the Asian region, led by Singapore have also taken shape and are beginning to close the gap with London in terms of services.
"Meanwhile, Athens, being the hub of the Mediterranean region, also supports a considerable number of shipping brokerage companies."
