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Singapore Named Most Important Maritime Capital

Singapore Skyline

Published Jun 4, 2015 9:25 PM by Kathryn Stone

Singapore tops the list of the most important maritime capitals for 2015, according to a new report released by Menon Business Economics today.

The Asian capital was listed as number one based on a combination of objective indicators derived from public data sources as well as a survey of 200 industry experts from over 33 countries.

The report analyses 15 leading maritime cities based on shipping, finance and law, technology, and ports and logistics. It also takes into account competitiveness and attractiveness to maritime companies. The complete top five maritime capitals listing is shown below with important area highlights.

Singapore

Singapore was cited as the number one most important maritime capital. It is located in a pivotal geographic location near important markets. It was ranked first for ports and logistics and second for finance/law and shipping. Singapore is home to the fourth largest fleet and is an important center for commercial management. The city has also been successful at attracting a wide variety of global companies.

Hamburg

Hamburg earned its place near the top of the list by being very strong in the area of maritime technology. It scored very high expert marks in the areas of R&D/ Education, Maritime Equipment, IT services. Additionally, Germany is home to companies such as Caterpillar Marine Power Systems and Man, making the country a highly important maritime equipment center.

Oslo

Oslo landed the third most important spot largely because of its significance in the field of maritime technology. The city was ranked number one in this area largely because the overall importance of Norway as a maritime technology center. DNV GL one of the world leaders in the field, is headquartered out of Oslo. The city also gets high marks in the area of maritime finance.

Hong Kong and Shanghai

Hong Kong and Shanghai took the fourth and fifth positions respectively. China has the world’s second largest economy and has been showed growing influence in world market. The country has one of the world’s largest shipbuilding industries and is home to six of the world’s ten largest ports. The experts surveyed anticipate Shanghai becoming the second most important maritime city by 2020.

Other Notable Findings

Asia as a whole is gaining increasing control of the maritime market. The Philippines recently overtook European nations as the fourth largest shipbuilder and Manila and Jakarta continue to grow in importance for the maritime segment in the region.

In the Middle East Dubai is predicted to become a maritime leader.

Also, Brazil is investing heavily in new ship orders particularly in the offshore segment. The country currently accounts for only 1% of the world fleet, but it holds 7% of the world’s orderbook. 

The complete report can be accessed here