Rankings were compared in five slices: the city’s strengths as a shipping center, offerings for maritime finance and law, maritime technology, ports and logistics, and its overall attractiveness and competitiveness.
Shanghai moved up the ranks in tandem with China’s continued development. Despite GDP growth and Chinese oil demand cooling, the port is still abuzz with activity. In fact, it is largely paralyzed by traffic, due to overcapacity and weather conditions.
Shanghai has been the world’s busiest port by container volumes since 2010 and that momentum is expected to continue. Seven of the world’s 10 largest ports are in China, and they’re all experiencing an unprecedented boom in the movement of goods.
Hong Kong, however, may be on the losing end of the Chinese boom. Fifth on the list, the hub is severely challenged by strong growth of other port cities like Shanghai, despite having a strategic location.
Tim Huxley, the director of Mandarin Shipping, told CNBC that opportunities are still emerging and Hong Kong remains an ideal place for both well-established or new shipping companies.
“The range of maritime services in terms of ship management, financial services, legal services, as well as access to new equity remains as strong as ever. The city remains one of the best places in the world in which to set up and run a shipping business.”
