London: The position of London as the world's top shipping hub is being challenged by emerging contenders such as Singapore and possibly Shanghai as Asia's relative economic prospects compared to Europe have improved since the post-2008 downturn, writes Reuters in an analysis piece compiled in London and published today.
The article cites a number of maritime players and individuals - including the MPA, Professor Tamvakis from London's Cass Business School, Jeremy Penn of the Baltic Exchange, Braemar Shipping Services - as saying Singapore presents a credible threat to London's maritime pre-eminence, while dissenting voice Harry Theocari of lawyers Norton Rose is quoted as saying he things London's crown could be snatched by Shanghai if anybody.
In particular, the Singapore government's provision of tax incentives for non-Singaporean businesses was singled out as a big factor in favour of that location. The article cites a survey published this month by maritime recruitment firm Faststream, canvassed among shipbrokers and chartering managers, showing Singapore to be the most favoured job location in the world to move to, slightly ahead of London and Geneva. [04/11/10]
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