Acknowledgement of locations around the world as global maritime centres bring prestige that can further advance the standing of a location as a place to transact maritime business. In the recently published Xinhua-Baltic International Shipping Centre Development Index Report 2022 (Xinhua Report), Singapore was named as the top spot as a global maritime centre for the ninth consecutive year.

The Xinhua Report referred to Singapore as a “home to a huge port and bunkering hub as well as internationally oriented shipbrokers financiers, lawyers and insurers”. Singapore was identified as a city with the “complete package” towards maritime trading, a wide and established ecosystem of professional global maritime services, good governance, ease of doing business and a large and strategically situated port. The Xinhua ranking is consistent with other reports. In January this year, the DNV-Menon Leading Maritime Cities of the World 2022 report ranked Singapore as the top maritime city of the world for the fifth consecutive time.

Relevant to Singapore’s intention to remain a top global maritime centre is efforts to address global trends. Singapore has signed the Clydebank Declaration, which paves the way for it to further achieve sustainable economy growth over the coming years as shippers and carriers turn towards alternative fuel sources and reduction of fuel usage.

Dentons Rodyk has a holistic shipping practice that serves clients in the maritime industry from inception of their business and financing through to risk management and dispute resolution. Readers who wish to contact Dentons Rodyk may write to lawrence.teh@dentons.com and jenwei.loh@dentons.com.