Singapore Beats Off Competition to Remain Shipping Hub King

Marina Bay Sands, Singapore at night
Updated Published

Singapore has once again been named the world's premier maritime center, topping multiple global rankings, the latest being revealed during Singapore Maritime Week. According to the 2024 Leading Maritime Cities (LMC) report by DNV and Menon Economics, Singapore leads the pack, followed by Rotterdam and London.

The report projects that Singapore will retain its lead over the next five years. 

Shanghai and Oslo were ranked fourth and fifth, respectively. The report highlights Shanghai's potential growth, predicting it could rise to become the second most significant maritime city within five years. Additionally, Dubai is forecasted to break into the top five maritime hubs soon.

In contrast, Hong Kong, which held the fourth spot in the 2019 DNV and Menon Economics ranking, has dropped to 12th place.

The rankings are based on a blend of objective and subjective measures across the top 50 maritime cities, divided into five equal-weighted categories: shipping, maritime finance and law, ports and logistics, attractiveness and competitiveness, and maritime technology. Notably, Busan, South Korea, was recognized as a leader in maritime technology.