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SSE plans platform for used ship trade

By Zhou Yan (China Daily)
Updated: 2009-05-20 08:12

Shanghai Shipping Exchange (SSE) is poised to launch a platform for second-hand ship trading as early as the third quarter of this year, a company executive said yesterday.

Related readings:  Shipping industry runs into troubled waters  China draws roadmap for global financial, shipping centers in Shanghai  Shipbuilding industry to see blue in three years  China Shipping's profits up 16.9% in 2008

SSE President Zhang Ye said that all preliminary work for the exchange platform, including network support and software development, has been completed, and it was waiting for detailed guidelines from the Ministry of Transport.

In addition, Zhang said that the exchange was still working on introducing more financial derivatives, such as developing futures products based on the China Containerized Freight Index (CCFI), which is the world's only gauge to track the container freight market.

"Although BDI (Baltic Dry Index) remains the key indicator to reflect maritime trade in general, the financial crisis has propelled more investors to watch CCFI, which expresses a much broader picture of the status of international sea borne trade," Zhang said.

On Tuesday, SSE signed a cooperation contract with Hongkou District government and Shanghai Maritime Safety Administration to speed up the construction of a nationwide shipping exchange platform.

An industry source also said yesterday that an international court of arbitration for the shipping industry, the country's first of its kind, will be launched in Shanghai next Monday.