On China's Shipping Exchange Markets
Source:http://eshiptrading.com
2011.05.06
1548
Last year, there were 3 new shipping exchange centers set up in China to better service its shipping industry. Now almost all the coastal provinces and cities have its own shipping exchange market in China, such as Qingdao, Fuzhou, Zhoushan those specializing in secondhand Chinese ships transactions and Chongqing engaging in Yangtze River ships exchanging. Among all these, Zhejiang shipping exchange market has become China’s biggest secondhand shipping exchange market and has officially got the membership of the Baltic Exchange.
Till now, China’s shipping exchange markets don’t deal with international ship transactions. They were set up in accordance with the policies and regulations of China’s Ministry of Transport to regulate domestic ship transactions. Those markets can exercise relevant functions such as dealing with some legal documents and providing invoice on behalf of the government.
China’s shipping exchange markets are gaining increasing business and market share these years. Gong Yinjian, chairman of Zhejiang shipping exchange market, said that the current business volume of the market is 40 times the amount of 1998 and 5 time that of 2003. He also pointed out that the transactions of Chinese secondhand ships focused on those of 1000-30,000DWT and ship types covered bulkers, containerships, tankers, passenger ships and fishing vessels, etc. Gong also indicated that they would keep a close eye on newbuilding market and consider setting up a trading platform for those medium and small shipyards and shipowners. At the same time, Fujian Bafang shipping exchange center also stated they would like to extend their business to newbulding market.
However, some people express their concerns over the potential contradiction between shipping exchange markets and shipbrokers which caused by growing trading centers and limited market. At present, shipbrokers can’t function properly in China’s ship S&P. As Liu Xunliang, secretary-general of the Shanghai Shipbroker Association (SSA), put forward that both ship evaluation and market information were in the charge of shipbrokers in the traditional shipping exchange market, however evaluation of ships has to be acknowledged by shipping exchange centers according to the new regulations.
As we know, many international shipbrokers don’t involve in Chinese vessel transactions, Gong also said that China’s shipbrokers could only blame the emerging shipping exchange centers for the current domestic situations. “Fairly speaking, shipbroker as an occupation in China is not that perfect and professional and these shipping exchange markets should be responsible for its future improvement to some degree. We could provide them with the platform to release trade leads and also will we verify the information to keep the market in order. However, the shipbrokers have to register firstly, both shipbroker companies and private shipbrokers”
Chinese government will certainly embrace the shipping exchange centers and the benefits they will bring. Many leaders from China’s Ministry of Transport such as Li Shenglin have visited Zhejiang shipping exchange market for many times and highly commended its excellent market function. It could be highly anticipated what the future of Chinese shipping exchange markets will be like.
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Market Name
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Establishment Year
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Services
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Remarks
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Zhejiang Shipping Exchange Co., Ltd
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1998
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China Secondhand Ship Price Index，ship transaction and registration
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The Baltic Exchange Member
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Shanghai Shipping Exchange
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1996
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CCFI, CCBFI, ship transaction and registration
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The Baltic Exchange Member
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Dalian Shipping Exchange
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2011
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Ship transaction and registration
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Under construction
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Tianjin International Trade and Shipping Service Center
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2005
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Multiple service；TCI, TBI
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Will be renamed as Tianjin Shipping Exchange
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Qingdao Shipping Exchange Market
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2010
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Ship transaction and registration
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Chongqing Shipping Exchange
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2010
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Plan to provide ship transaction and registration
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Inland water transport
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Fujian Bafang Shipping Exchange Center
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2010
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Ship transaction and registration
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New
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