SHANGHAI, China – October 22, 2026 – The Finance and Insurance Thematic Forum of the 2026 North Bund Forum brought together approximately 550 maritime, finance and insurance professionals in Shanghai on October 20, unveiling five major outcomes in shipping finance, insurance, risk management and maritime services.

The forum was jointly organized for the first time by five entities: the Shanghai Shipping Exchange Institute, Shanghai Shipping Exchange, China Shipowners Mutual Assurance Association (China P&I Club), China Pacific Insurance (Group) Co., Ltd. and Shanghai Institute of Marine Insurance, with support from DNV.

In his welcoming remarks, Capt. Xu Lirong, Chairman of China P&I Club, highlighted the changing role of marine insurance, from compensating losses after incidents to providing risk assessment, early warning and loss prevention throughout a vessel’s operational lifecycle.

China’s growing position in global maritime finance was also underscored. Reports indicated that China’s ship finance leasing fleet exceeded 3,100 vessels, with assets valued at approximately US$178 billion at the end of 2025.

A fundamental hurdle for the industry’s transition to alternative fuels was highlighted at the forum: the lack of historical data needed to appraise new-generation vessels and price their insurance risks.

“What should we do when financiers cannot determine what a ship is worth and insurers cannot calculate how much an accident might cost?” was posed during the discussion.

It was also noted that Shanghai’s container freight index futures for European routes had recorded cumulative trading turnover exceeding RMB 6.2 trillion since their launch in August 2023. Participants at the forum called for closer international cooperation in marine insurance, risk prevention and reinsurance.

Among the five outcomes, the Shanghai Shipping Exchange Institute officially released seven new routes of the Shanghai Containerized Freight Index (SCFI), alongside the launch of the 2026 Version Template Index-Linked Contract (ILC).

The seven new SCFI routes cover 20-foot container rates for East Africa, Central and South America, and India/Pakistan, plus 40-foot container rates for Europe, the Mediterranean, South America, and Central and South America as well.

The expanded coverage provides shipping lines, cargo owners and financial institutions with more granular freight benchmarks for pricing and index-linked settlement, helping improve transparency across different trade lanes and container sizes. The ILC broadens the pool of eligible indices and container types, enabling more standardized and flexible settlement arrangements.

The other four deliverables included the Initiative for Comprehensive Risk Protection and Insurance Innovation for Smart Ships; Green Shipping Risk Governance and Insurance Innovation: Launch of the North Bund Initiative and Unveiling of the Laboratory; the Launch of “Shanghai Shipping Valuation” by Shanghai Shipping Exchange; and the Launch of Model Case on Adoption of Shanghai Arbitration Clause in International Charter Party — COSCO Shipping Lines and Seaspan Select Shanghai as the Seat of Arbitration in a New Vessel Charter Party.

Keynote speakers included Sean Michael Dalton (IUMI), Rolf Thore Roppestad (International Group of P&I Clubs), Waqas Samad (Lloyd’s List Intelligence), Mu Changchun (Digital Currency Research Institute of the People’s Bank of China), Cristina Saenz de Santa Maria (DNV), Chen Hui (China Pacific Property Insurance) and Simon Bennett (International Chamber of Shipping). Discussions touched on geopolitical disruptions, marine insurance, digital trade finance, decarburization and regulatory uncertainty.

A roundtable featuring Nick Shaw (International Group of P&I Clubs), Randy Chen (Wan Hai Lines), Li Kun (Seaspan), Beat Strebel (Swiss Re), Zhu Jiaqi (Shenergy Environment Technology) and David Yu (Shanghai Arbitration Association) examined industrial trends, risk governance and insurance innovation for decarburization-driven alternative-fuel vessels.

The forum reinforced the growing importance of enhanced collaboration between shipping, finance and insurance in managing emerging risks and supporting the resilience of global maritime supply chains.

About the North Bund Forum

The North Bund Forum is jointly hosted by the Shanghai Municipal People’s Government and China’s Ministry of Transport since 2021, with a view to gaining insights into global shipping and aviation trends, and promoting international exchange and cooperation for sound and sustainable industrial development.

The first five editions of the North Bund Forum, held in Shanghai from 2021 to 2025, achieved remarkable success. By bringing together government officials, leaders from international organizations, representatives of leading enterprises and prominent agencies, and renowned experts and scholars, the Forum has facilitated extensive and in-depth discussions regarding major and frontier issues of global shipping and aviation.