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Hainan to promote ship registry and bunkering to advance Free Trade Port Masterplan

06 Nov 2020

The Port of Yangpu on Monday (2 November) reportedly updated its role in the “Hainan Free Trade Port (FTP) Masterplan” which aims to implement a more open shipping policy in Yangpu by 2025. 

Included in the new policies is the acceleration of Yangpu as a ship registry, and the establishment of a competitive bunker fuel supply chain and other policies that would attract more vessels to the port. 

At present, efforts are being made to consolidate more ‘high value’ industries to operate in the area such as the petrochemical industry and advanced manufacturing through its status as a free trade port and proximity to other markets in Southeast Asia.

The focus on the Port of Yangpu is reportedly to establish a ‘showroom’ of sorts to showcase the achievements of the Hainan FTP. 

A researcher at the Shanghai Free Trade Zone Comprehensive Research Institute of Fudan University, pointed out that Yangpu must boost the facilitation of free entry and exit of various ‘frontline’ commodities, and at the same time excel at public safety management, which will require more stringent measures to ensure safety. 

Liu Feng, the Director of the Free Trade Port Research Center, added that Yangpu should firmly establish its position within the development plan as a port that can facilitate domestic and international trade cycles by leverage the strengths of the two areas.

He noted that in order to do so, Yangpu port will have to play a leading role in sectors such as shipping, warehousing, trade facilities and cross-border financial services.


Photo credit: Denny Ryanto
Published: 6 November, 2020

 

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