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Singapore ranks world’s top maritime capital for third consecutive time

Singapore has once again clinched the top position in Menon’s Leading Maritime Capitals of the World Report. This is the third edition of the maritime report, in which Singapore was also ranked first in 2015 and 2012. The latest Menon Report, developed by Norwegian consultancy firm Menon Economics, was launched at the Singapore Maritime Week 2017 on April 26.

The Menon Report is a prestigious and widely-accepted study of the world’s leading maritime capitals. It looks at 24 objective indicators and garners survey responses from more than 250 industry experts across all continents.

Singapore has been ranked number one in the following three categories: Shipping, Ports and Logistics, and Attractiveness and Competitiveness. It also scored impressive results in the remaining two categories: second place in Maritime Technology and fourth place in Finance and Law.

Significantly, Singapore jumped three places from fifth to second position in the Maritime Technology category, affirming that its focus on technology, research and development is in the right direction, emphasised a Maritime and Port Authority of Singapore (MPA) release.

Mr Andrew Tan, Chief Executive of MPA, said, "We are deeply honoured yet humbled by this recognition from the international maritime industry. This will spur us to work harder to make Maritime Singapore a global maritime hub of choice. We are truly grateful to all our partners and stakeholders for walking with us every step of the way."

The Leading Maritime Capitals of the Worldreport noted that Singapore was able to maintain its reputation as a world leading maritime hub due to the width of the city-state’s maritime industry.

In the sectors of Shipping, and Ports and Logistics, the littoral state emerged first due to its strategic geographic location, as well as its position as an important centre for commercial management and the world’s second largest port.

Singapore’s offering as an international maritime centre continues to grow. While more than 140 shipping companies are represented in Singapore, new companies continue to establish a presence. At the same time, the Singapore Registry of Ships is still amongst the world’s top 5 largest ship registries in the world.

Additionally, the Port of Singapore remains one of the world’s busiest ports—it sustained its performance in 2016, when vessel arrival tonnage increased by 6.3 per cent to 2.66 billion gross tonnes.

Taking all factors into account, Singapore ranked top in Overall Attractiveness and Competitiveness due to the ease of doing business and Customs procedures. According to the report, seven in 10 experts regarded Singapore as one of the three most attractive cities in the world for relocating their headquarters and also identified it as one of the maritime capitals most prepared and ready to adopt digitalisation.

To ensure that Singapore remains a leading maritime hub, MPA is driving the Sea Transport Industry Transformation Map (ITM) with industry stakeholders, to drive innovation and productivity, and equip the local maritime workforce with necessary skills to take on higher value-added jobs of the future, the release highlighted.

 


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