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March 9, 2010

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Mixed shipping report

SHANGHAI has a strong ecosystem and is likely to see rapid increases in shipping volumes as it embarks on its journey to become a global shipping center, according to a research report which, however, points out that it urgently needs to improve financial services in order to compete with overseas rivals.

The city was ranked as the fifth most competitive shipping center in the world, after London, Tokyo, Hong Kong and New York, according to the report by the Institute of Shanghai Pudong International Finance and Shipping Center, a private research institute, yesterday.

"Shanghai, though not in first place yet, enjoys greater development potential than other traditional shipping hubs such as London, New York and Tokyo," said Zhuang Ling, director of the research center.

The report evaluates 50 global shipping hubs from three aspects: volume increase, services and ecosystem.

Shanghai was No. 1 for volume increase despite the global financial crisis last year and third in ecosystem for its low carbon emission. But it came in at No. 12 for financial services, the report said.

Shanghai's sea cargo volume hit 590 million tons last year - the largest in the world.


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