Authorities from Xinhua News Agency, China Financial Information Center, and Baltic Exchange announce the release of the 2017 Xinhua-Baltic Exchange International Shipping Center Development Index Report on July 19. [Photo/Xinhua]

Shanghai currently stands as the world's fifth best shipping hub, with Singapore, London, Hong Kong, and Hamburg placing before the East China city, according to a research report on international shipping centers released in Shanghai on July 19.

The 2017 Xinhua-Baltic Exchange International Shipping Center Development Index Report has been compiled by the China Economic Information Service, China Financial Information Center, and Baltic Exchange with the purpose of evaluating the relative merits of world shipping cities.

One key change to this year's index was its decision to classify shipping centers according to type: traditional, innovative, developing.

Shanghai was classified as an innovative center on account of the city's continually developing science and technology innovation and the range of policies that are being implemented in Shanghai's Free Trade Zone.

Li Xianming, executive director of Baltic Exchange China, believes Shanghai's ranking shows the vigor and promise of Asia's shipping sector as well as the benefits of Belt and Road Initiative to the overall development of the shipping environment in China.

Furthermore, the Shanghai International Shipping Center Construction Blue Paper 2017 was released along with the index report. The paper covers several aspects including a city's pivotal ports, shipping environment, latest shipping technology, and reforms in the shipping service system.