Singapore is the leading maritime city of the world, according to the recent study issued by Norwegian consultancy firm Menon.

The report rates the top maritime cities in four sectors: shipping, finance and law, technology, and ports and logistics, reports Rotterdam's World Maritime News.

It assesses the cities' competitiveness and attractiveness to maritime companies using objective indicators and a survey of 200 industry experts in 33 countries.

Singapore has earned top spot because of its business friendly policies, and strategic location on the trade route between Europe and Asia, the report shows.

"As recently as 10 years ago, Singapore lacked maritime research and education, and the lines between foreign and domestic companies were weak. Today, the city plays a key role in all aspects of the maritime industry," the report adds.

Hamburg comes in second and Oslo comes in third. Oslo has its strengths within maritime finance and technology, but is beaten overall by Hamburg because of Hamburg's importance as a European port city, said the report.

Both cities, together with London and Rotterdam, are fighting to become the leading city in Europe for maritime activities.

London is the world's leading city for maritime finance and law, while Rotterdam's strength lies in port and logistics services, the report said.

Shanghai joins Hong Kong in the top five cities, but Hong Kong is challenged as a maritime hub by the strong growth rate of other Chinese cities.

"Looking five years into the future, our experts predict that Singapore will keep its position as the global leader, while Shanghai is expected to increase its importance and become the second most important maritime city," said the Menon report.

The study also predicts Dubai to take the step from being the leading maritime city in the Middle East to one of the leading maritime capitals of the world.