Shanghai’s New Shipping Bourse Faces Off London
Shanghai Shipping Exchange launches the mainland's first dry bulk and oil import indices.
The new bourse will track bulk carrier and tanker trades with the world's largest consumer of commodities.
The China oil import index will provide better insight into shipping prices, and cater for the growing demands of businesses who need to have quick access to the latest shipping prices in China's domestic market, reports China Daily.
The new indices will also give China more say in the under-pressure global shipping market, especially as Shanghai continues its quest to become one of the leading international shipping centers.
The introduction of the two new indices means the exchange can provide detailed information on shipping prices of all major routes into China, including monitoring the movement of the country's four key commodities of coal, ore, grain and oil.