Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative, according to a report and index looking at the importance of the world’s key shipping centers.
The Xinhua-Baltic Exchange International
Shipping Centers Index 2015 was jointly published Friday by Xinhua News Agency and the London-based Baltic Exchange, an independent provider of ocean freight index.
The report covers 46 of the world’s largest ports and cities as a guide showing the relative performances of these shipping centers around the world.
The index evaluates criteria including maritime services, such as brokerage and arbitration, and business environment, such as economic freedom and tariffs, and port facilities. Singapore tops the list while London takes second place, followed by Hong Kong.
The top 10 international shipping centers are Singapore, London, Hong Kong, Rotterdam, Hamburg, Shanghai, Dubai, New York
, Pusan and Athens, according to the report.
"The release of the index is of special significance against the backdrop of a sluggish global economy and recessions in international trade," said Xinhua's vice president Yu Shaoliang.
Market insiders said Shanghai’s opportunities lie in further strengthened linkages between foreign trade maritime services
and inland shipping, and leverage resources from Free Trade Zones of the Country, the Yangtze River Delta economic belt, and the Belt and Road Initiative.
According to global financial services information provider Dealogic, the global shipping industry raised US$46.4 billion of financing during the first half of 2015, down 25 percent from the same period in 2014. Average shipping loan size reached US$304 million in the first six months this year, dropping 8 percent year on year.