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Located to the very east of China, Zhoushan Archipelago is the
place that receives the first sunlight every morning. Part of
Zhejiang-Zhoushan Port Group, Zhoushan Port is emerging as a
regional petrochemical hub as mandated in an industrial plan and
supported facilitation measures. The blueprint sets out a target of
building a regional petrochemical industry with a trillion value
and has rolled out several measures, such as encouraging foreign
large companies to invest and establish production sites, bonded
fuel import and bunkering, as well as storage capacity building,
expanding LNG businesses, as well as explore commodities
derivatives.
With IHS Markit Maritime & Trade data, we observed that
there's an obvious stimulus effect in terms port callings (of
tankers), crude oil and other liquid bulk inbound shipments and STS
bunkering activities, as well as import trade of the related
commodities into the region, which reflects the growing
prosperity.
This year, while the world is in the midst of uncertainty and
port businesses are largely damaged, Zhoushan Port still performed
outstandingly, partly owing to the increase of petroleum imports,
appearing like dawn in the darkness.
Positive developments are reflected in more vessels (tankers)
callings, with more berth and terminal involved in receiving
tankers, as well as the arrival of upsized tankers. Regional
imports (Zhejiang Province) and the port-level arrival of
Petro/Chemical Commodities are growing rapidly. With real-time
cargo flow trade and traffic moving in tandem. This will stimulate
port business and the local industries prosperity, downstream and
upstream chain. With many shipyards, it attracts the scrubber
fitting business from shipping companies, which facilitates the ESG
and sustainable initiative - the scrubber fitted rate is
competitive but there's further space to benchmark world leading
hubs.
Yet, there's still a way to go if Zhoushan aims to benchmark the
world's leading bunkering points, in terms of efficiency,
transparency and standards.
With ongoing developments, and long-term sustainable goals,
businesses and policy makers may keep tracking the growth and
competitiveness to support investment and policy-making decisions,
with multi-dimension and real-time data and benchmarking.
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Jun 23
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