Shanghai has overtaken London, becoming the world’s second-ranked international shipping centre, according to the latest Xinhua-Baltic International Shipping Centre Development Index.
Singapore retained the number one spot for the thirteenth year in a row, scoring 99.32 out of 100. The report cited the city-state’s strategic location, maritime finance, insurance and legal services, and growing role in alternative fuels and technology.
Shanghai came in second with a score of 84.27, moving ahead of London which only scored 81.80. The Chinese port city has gradually climbed from seventh place when the index was launched in 2014, reflecting its growing role in containerised trade, maritime services and global shipping connectivity.
London was followed by Hong Kong in fourth place with 80.87 and Dubai in fifth place with 77.13. The same five centres have occupied the top group for nine consecutive years.
The index evaluates 43 shipping centres using indicators covering port performance, professional maritime services and wider business environment. This includes throughput, berth length, port draught, shipbroking, management, finance, insurance, legal services, customs efficiency and logistics performance.
Mark Jackson, the Chief Executive of the Baltic Exchange, said the report reflected the importance of global shipping hubs during an unstable period for shipping markets.
Cao Zhanzhong, Head of the Xinhua Index Research Institute, said that competition among shipping centres now includes sustainability, digital innovation, governance and global resource allocation – not just port scale.