The International Shipping and Ship Repairing Industry Dialogue was held in Putuo district, Zhoushan, Zhejiang province on Nov 10, attracting more than 150 participants from internationally renowned shipping companies, ship repair companies, and industry association representatives, as well as experts and scholars.

The compilation of the International Navigation Ship Repair Putuo Price Index was launched during the meeting.

The price index will be compiled by a professional team from Wuhan University of Technology and will collect regular data on ship repair prices provided by sample companies. It will also introduce third-party institutions such as the CCS Ship Classification Society as a basis for index correction to ensure the authenticity and reliability of the data.

Data calculation and index compilation will be conducted, with the index planned to be released to the public next year, which is expected to effectively reduce information asymmetry, enhance market transparency and efficiency, and provide valuable references for shipowners and ship repair companies.

The price index will greatly facilitate the acceleration of green and intelligent transformation of ships and promote the healthy development of the industry, said a local official.

Located at the intersection of China's eastern golden coastline and the golden waterway of the Yangtze River, Putuo boasts 110 kilometers of deep-water coastline and two international shipping lanes which over 100,000 international ships pass through each year.

The district can accommodate 300,000 huge vessels freely entering and leaving. The annual supply of bonded oil is 2.59 million metric tons, and the settlement volume is 9.02 million tons, making it the fourth-largest ship refueling port in the world.

The settlement volume of marine fuel oil accounts for half of the country's total. Among the top 10 global ship repair companies, three are located in Putuo, and the repair volume of foreign ships accounts for a quarter of the national total.