The Baltic Exchange, in collaboration with Xinhua, the Chinese state news agency, has published the 2020 Xinhua-Baltic International Shipping Centre Development (ISCD) Index, which sees Singapore come out on top again and American hubs New York and Houston slide down the rankings.
The index uses factors such as port throughput and infrastructure, depth and breadth of professional maritime support services, as well as the general business environment in creating its rankings.
Singapore tops the list for the seventh consecutive year followed by London, Shanghai, Hong Kong and Dubai.
The report is more notable for its omissions and cities deemed to be on the decline. New York slides one place to ninth while Houston has left the top 10 entirely and once again there are no Scandinavian cities among the top 10.
Baltic Exchange chief executive Mark Jackson commented: “Whilst this report reflects a pre-Covid 19 world, those locations which continue to build on their strengths, are able to communicate a clear vision for the future and diversify beyond the physical port hub will be the ones who are able to succeed in the future. We call on all the main shipping hubs to continue investing in education, R&D and new services; remain open to global talent and offer an attractive international business environment.”
An alternate shipping hub ranking system is published by Oslo-based Menon Economics biennially with the next study due out in 2021.