It emerged first among 15 cities that were benchmarked in five categories: shipping centres, finance and law, technology, ports and logistics, and attractiveness and competitiveness.
Hamburg was ranked second in the report by Norwegian consulting firm Menon, followed by Oslo, Hong Kong and Shanghai.
"With its business-friendly policies and being strategically located on the trade route between Europe and Asia, Singapore has gained a position in the global economy few would have predicted 40 years ago," said the report, which comprised of responses from 196 maritime professionals from 33 countries.
It added: "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 inaugural Menon report three years ago also ranked Singapore in first place.