Logo of the American Bureau of Shipping. [Photo/WeChat account: china-zjftz]

The American Bureau of Shipping started operating in the Zhoushan area of the China (Zhejiang) Pilot Free Trade Zone on Nov 1.

A member of the International Association of Classification Societies, ABS is ranked among the top three in the world in terms of registered ships, gross tonnage of registered ships, and deadweight tonnage.

Classification societies offer services such as the formulation of standards concerning ships and relevant equipment, classification survey, legal inspection, and review of international safety management rules.

The operation of international classification societies in Zhoushan can shorten the service response time and save costs for shipowners and also improve Zhoushan's attractiveness to international ships.

As of the end of October, Zhoushan had this year introduced 56 maritime service companies and institutions, including Ningshing Holdings, with a total registered capital of 646 million yuan ($101 million).

Zhoushan currently is home to 415 maritime service companies and institutions with a combined registered capital of 8.46 billion yuan.

Of the 12 IACS members, five have operations in Zhoushan while the other four classification societies are Japan-based ClassNK, the China Classification Society, Lloyd's Register of Shipping from the United Kingdom, and Norway-based Det Norske Veritas.