Singapore retains top spot in Leading Maritime Cities Report 2024
Singapore has retained its title as the leading maritime city in the world, followed by Rotterdam and London, according to the 2024 Leading Maritime Cities (LMC) report from DNV and Menon Economics.
The city-state, with its large owned and managed vessel fleets, strategic geographic advantages, pro-business policies and its position as a leader in the maritime energy transition, is expected to hold this position for the next five years, the analysis determines.
Compiled in cooperation between classification society DNV and Menon Economics, the LMC report offers new insights into the maritime cities that offer the best policy measures, initiatives and support. These cities excel in both soft and hard infrastructure, and boast elite talent enabling maritime companies and individuals to connect and prosper.
Similar to previous iterations, the study benchmarks each maritime city on five pillars – Shipping Centers, Maritime Finance and Law, Maritime Technology, Ports and Logistics and Attractiveness and Competitiveness, said a release.
Singapore hit the top spot in three out of five pillars, retaining its position as leader in Attractiveness and Competitiveness and overtaking Athens and Shanghai in Shipping Centers and Ports and Logistics, respectively.
Dr Shahrin Osman, Business Development Director, Maritime Advisory and co-author of the report, said: “Singapore is undoubtedly the world-leading hub at the forefront of the maritime industry. It appears unaffected by the many changes currently sweeping the sector and is expected to maintain its top spot for the next five years through its implementation of a consistent strategy for innovation and its investment into green transformation and digital technologies.
“It is encouraging to see new cities elevating their standing in the list this year. In a notable shift, Busan, South Korea, surpassed Singapore to become the world-leader for Maritime Technology, adding $9.22 billion to its export volume in the first half of 2023. Similarly, London claimed the pole position in Maritime Finance and Law from New York, with the report recognising the city as a home to world-leading maritime law-related and marine insurance institutions.”
Fourth and fifth place overall went to Shanghai and Oslo, meaning that three of the five leading cities are in Europe, with the remainder in Asia. Shanghai is also predicted to grow in importance across the next half-decade and become the second most prominent maritime city.
Dr Erik Jakobsen, Partner and Chair of Menon Economics, said: “Beyond the top five cities, we see a lot of dynamics happening. Hong Kong, which held 4th position in 2019, has now fallen to 12th place. On the other hand, despite war and turmoil in the Middle Eastern region, Abu Dhabi has strengthened its position considerably. The city made the most remarkable jump, moving up 10 places from 32 to 22.”
In addition to the LMC ranking, the maritime experts viewed Singapore, Oslo, Shanghai and Rotterdam as the cities best prepared for digital transformation. Singapore’s investment and focus on maritime decarbonisation has also further cemented its position as the world’s leading center for green technologies and solutions, followed by Oslo and Rotterdam, the release added.
source: Exim News Service: Oslo, April 15