Singapore is rising fast and has arguably displaced Hong Kongto become Asia’s maritime capital and now has London in its sights, accordingto Denis Petropoulos, director at Braemar Shipping Services.
Modern infrastructure, government incentives and its locationon the doorstep of Asia's rapidly developing economies are just some of the draws of theLion City for the maritime industry, he told delegates at a conference today arranged as part of London International ShippingWeek.
However he emphasised that Singapore owes much of its rise toan influx of knowhow and talent from big, London-based shipping names.
“Today, London’s largest shipbrokers all have offices inSingapore bringing their international knowledge and experience to the region andemploying multinational and multicultural staff,” Petropoulos said.
“There are also a large number of law firms, insurancecompanies and financial institutions opening offices, all of them from London,all known to the industry, and they are also employing qualified people frommixed backgrounds eager to gain experience.
“There can be no doubt that the incentive schemes offered bySingapore’s government are attracting more companies to operate there.
“Shipping institutions are offering educational servicesin Singapore and the universities all have commercial shipping courses as adegree.
“Quite simply the place has become the world’s most importantshipping centre after London”
Petropoulos said many maritime professions are still tied toLondon but he warned: “Shipbroking, like shipowning and cargo trading can be transientand the temptation of a modern and exuberant Asia is very alluring.
“London is not a maritime capital, London is the maritimecapital.
“But Singapore is wellinto its second generation as a shipbroking city and London may soon be sharingits maritime capital status with them.”
