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Model to track used ship deals to be built

THE Shanghai Shipping Exchange will build a nationwide information platform which will track transactions of used vessels, officials at the bourse said yesterday.

"The information platform will enable ship owners to transact their used vessels more efficiently and safely," said Zhang Ye, president and senior engineer of the shipping exchange.

Previously, ship owners transacted after they conducted negotiations on their own but this made it difficult for the market to get access to information and for the government to monitor these transactions.

"The conditions of the used vessels are also a big problem. If these transactions are not scrutinized under strict government standards, buyers may suffer losses," Zhang told Shanghai Daily. "By building a nationwide information platform, we can create a model for ship transactions and attract more ship owners home and abroad to seek business opportunities," he added.

The exchange yesterday signed a framework contract for this platform with Hongkou District and the Shanghai Maritime Safety Administration.

The district and the maritime safety administration will also work together to improve regulations for the cruise industry and encourage overseas cruise line companies to sail to the city.


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