Shanghai sails closer to global hub target
By Ding Yining |
March 26, 2011, Saturday
|
Print Edition
Print Edition
SHANGHAI is sailing closer to becoming a world shipping center by 2020 as it unveiled a new marine fund, a shipping freight rate exchange and a seaman evaluation center yesterday.
"The launch of these new projects signals a higher level of financial services in the northern Bund region, which had more than 3,000 shipping companies at the end of last year," Sun Weiguo, Party secretary of Hongkou District, said in a statement yesterday.
The Shanghai Shipping Industry Fund aims to raise 5 billion yuan (US$762 million) in the first phase to invest in ports, shipbuilding, modern logistics and other related industries. The fund may boost Shanghai's shipping finance services, which are presently underdeveloped compared with other major global shipping centers.
China Shipping Investment Co, Guotai Junan Securities Co, Shanghai State-owned Assets Operation Co and Hongkou District State-owned Assets Operation Co will hold stakes in the fund manager, which will have a registered capital of 200 million yuan.
The new Shanghai Shipping Freight Rate Exchange Co will develop derivatives based on various freight indices, including the Shanghai Containerized Freight Index, to provide hedging tools for cargo owners and shippers.
The Shanghai Shipping Exchange, which has been publishing the Shanghai Containerized Freight Index since 1998, is the first one to track container freight as a complement to the Baltic Dry Index, which tracks freight for dry bulk goods.
The seaman evaluation center will help cut the shortage of qualified sailors.
"The launch of these new projects signals a higher level of financial services in the northern Bund region, which had more than 3,000 shipping companies at the end of last year," Sun Weiguo, Party secretary of Hongkou District, said in a statement yesterday.
The Shanghai Shipping Industry Fund aims to raise 5 billion yuan (US$762 million) in the first phase to invest in ports, shipbuilding, modern logistics and other related industries. The fund may boost Shanghai's shipping finance services, which are presently underdeveloped compared with other major global shipping centers.
China Shipping Investment Co, Guotai Junan Securities Co, Shanghai State-owned Assets Operation Co and Hongkou District State-owned Assets Operation Co will hold stakes in the fund manager, which will have a registered capital of 200 million yuan.
The new Shanghai Shipping Freight Rate Exchange Co will develop derivatives based on various freight indices, including the Shanghai Containerized Freight Index, to provide hedging tools for cargo owners and shippers.
The Shanghai Shipping Exchange, which has been publishing the Shanghai Containerized Freight Index since 1998, is the first one to track container freight as a complement to the Baltic Dry Index, which tracks freight for dry bulk goods.
The seaman evaluation center will help cut the shortage of qualified sailors.
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