A new report ranking the best maritime cities states Vancouver is poised to be a global maritime business because its policy framework is very attractive to the shipping industry.

The report places Vancouver as the top North American city when it comes to governmental support for the maritime industry.

Globally, apart from Singapore, no city has a more attractive policy framework than Vancouver said the shipping experts who ranked 15 maritime cities and regions.

“This is not by coincidence. Vancouver, with a strategic location on the Pacific rim of Canada, has a clear aspiration to become a global maritime HQ/management center through broad tax incentives for shipping and auxiliary services,” states the Leading Maritime Capitals of the World report.

The report by Menon Economics, which was released at the Sea Asia conference in Singapore this week is the shipping world’s main reference for benchmarking maritime cities.

“Favorable policy framework, supportive government, and attractive living conditions, are attractiveness factors that probably will lead Vancouver to climb on the rankings of maritime cities in the years to come,” the report concluded.

Copenhagen, Oslo and Dubai rounded up the top five maritime cities when it comes to attractiveness and competitiveness in the shipping business.

“The future of global shipping is tied to Asia’s resource demands and Vancouver offers the closest and most diversified port in the North American market”, said Kaity Arsoniadis-Stein, the executive director of the Vancouver International Maritime Centre.

“This is not just about more ships at our port and on our waterways but the corporate activity behind global trade,” said, Arsoniadis-Stein, who is in Singapore this week for the Sea Asia Conference.

Arsoniadis-Stein credited strong support from both the federal and provincial governments which fund’s VIMC efforts to share the advantages of Vancouver globally as a maritime business hub.

Currently, 10 global companies are working with VIMC staff to open up local branches in Vancouver while another 50 have expressed interest in setting up operations in the city.

“The Government of Canada congratulates Vancouver for being recognized among the leading maritime capitals of the world in the Menon Report launched at the Sea Asia Conference in Singapore,” said Pamela Goldsmith-Jones, Parliamentary Secretary to the Minister of International Trade.

“As Canada’s Gateway to Asia Pacific, Vancouver is a thriving city for foreign investors looking to establish a North American base of operations. The Government of Canada truly appreciates the valuable contributions to Canada's marine sector that come from a vibrant international shipping industry,” she said.

“Vancouver has been found to be an attractive location for the management of international maritime services and we acknowledge the role that Canada’s fiscal regime has played in supporting this finding,” said Lynn McDonald, High Commissioner of Canada in Singapore.

“Demand is growing in Asia for Canada’s natural resources, and Vancouver’s maritime industry will be essential in helping Canadian businesses meet the demand.”