The Shanghai Shipping Exchange launched three new Belt and Road shipping indices on Tuesday covering trade and freight movements related to the massive Chinese infrastructure initiative.
The Shanghai Shipping Exchange launched the Belt and Road shipping indices on Tuesday to track freight trade data among countries involved after a two-year trial, China’s Xinhua News Agency reported.
“The Belt and Road Initiative – or the Silk Road Economic Belt and the 21st Century Maritime Silk Road – was proposed by Chinese leadership in 2013 to build trade and infrastructure links along ancient overland and maritime Silk Road routes, connecting countries in Asia, Europe, Africa and Oceania,” Xinhua said.
BW Group Chairman Andreas Sohmen-Pao said the initiative, which could be a huge bonus for shipping, covers an area that constitutes two-thirds of the world’s population and around one third of the world’s gross domestic product, maritime news outlet Splash 24/7 reported.
Tom Miller, author of China’s Asian Dream: Empire Building along the New Silk Road, also believes shipping will benefit from the Belt and Road initiative, despite increased spending on rail freight infrastructure. “I don’t see a big shift to overland freight,” Miller told Splash 24/7 earlier this year. “Conventional shipping is cheaper and most consumer goods do not need to be delivered in two weeks. The volumes will grow as more rail routes and services are added, but it’s not realistic to expect overland freight to account for more than few percent of overall freight volumes.”
SSE introduces new ‘Belt and Road’ shipping indices
