Containers at the fourth phase of the Shanghai International Shipping Center's Yangshan Deep-Water Port, April 10, 2018. [Photo/IC]

Shanghai ranks fourth among the world's top 10 largest shipping centers, following Singapore, Hong Kong and London, according to a report released on the 15th Maritime Day in Shanghai on July 11.

Initiated in 2014, the Xinhua-Baltic International Shipping Center Development Index was jointly developed by the China Economic Information Service under the Xinhua News Agency and the Baltic exchange. It evaluates the development level of international shipping center cities based on port conditions, shipping services and general environment.

The top 10 international shipping centers are Singapore, Hong Kong, London, Shanghai, Dubai, Rotterdam, Hamburg, New York-New Jersey, Houston and Athens, according to the report.

In terms of shipping services, Shanghai overtook Hong Kong for the first time this year to take third.

The report also indicates that as an important city for emerging economies, Shanghai is narrowly trailing London in terms of its shipping development level, with its fast-developing modern shipping distribution system, increased shipping service capabilities, and the continuous improvement of the business environment making it a threat to London’s number three spot.

Shanghai is expected to build itself into an international shipping center with global shipping resource allocation capabilities by 2020.

The Pudong New Area of Shanghai has formed a complete shipping industry chain through reform, opening-up and the exploration of institutional innovations in shipping insurance, management, laws, and consulting services.

With the policy support of China (Shanghai) Pilot Free Trade Zone (FTZ), a number of financial leasing companies have tapped into development opportunities in Pudong.

As of the end of last year, a total of five qualifying companies, including Bank of Communications Financial Leasing Co Ltd and CMB Financial Leasing Co Ltd, have set up shipping financial companies in Pudong, with shipping leasing totaling 38.339 billion yuan ($5.57 billion).

The expanded Shanghai FTZ has brought with it a new set of development strategies, and the Shanghai International Shipping Center will take the lead in high-quality development through industrial transformation, said Zhang Lin, deputy head of the Shanghai Municipal Transportation Commission.

An alliance for the innovative development of shipping in the Yangtze River Delta region was also established on the same day, looking to promote the integration of shipping and port-related industries across the region.