Singapore Retains Top Spot As World’s Leading Maritime City Per DNV & LMC Report
Singapore retains its position as the leading maritime centre in the world and stands tall once more in the busy world of marine commerce.
The Lion City is positioned as the epitome of nautical excellence in the latest reports from DNV and Menon Economics, released during Singapore Maritime Week.
Singapore is ranked as the leader in the 2024 Leading Maritime Cites (LMC) study, closely followed by Rotterdam and London.
This supremacy is expected to continue for the next five years, a testimony to Singapore’s steadfast dedication to innovation and investment in digital and green technology.
Based on objective data and expert judgement, the ranking process emphasizes Singapore’s leadership in five critical areas- shipping, maritime financing and legislation, ports and logistics, desirability and competitiveness, and marine technologies.
Singapore stands out in three pillars, demonstrating its varied power in the maritime industry.
Dr Shahrin Osman, the report’s co-author, praises Singapore’s determination amid the global disruptions and its unwavering commitment to sustainable practices.
He highlights Singapore’s proactive approach to digital transformation and decarbonization, strengthening its position as a beacon of environmentally conscious innovation.
Once a competitive challenger, Hong Kong is now ranked 12th, indicating a shift in global maritime rankings.
The research also highlights emerging competitors, including Shanghai, which is poised to become a significant player in the coming years.
Furthermore, Dubai’s rise to prominence highlights the changing dynamics within the sector as the Middle East continues to carve out a more significant role despite regional instability.
The 2024 release of LMC includes new indicators to reflect the transformative impact of decarbonization and digital transformation, indicating a paradigm shift in the industry landscape.
Oslo, Rotterdam, Shanghai and Singapore emerge as leaders in preparing for the digital revolution, reinforcing their position as maritime innovation pioneers.
Despite geopolitical tensions and environmental concerns, the global shipping industry remains robust and has a bright future.
The International Maritime Organization’s (IMO) ambitious target of reducing greenhouse gas emissions from ships by 100% by 2050 demonstrates the industry’s commitment to sustainability.
Reference: The Straits Times
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About Author
Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.
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