SIMIC

The centre will come into being through a partnership of the Shanghai International Port Company and major carriers including Maersk, CMA CGM and Mediterranean Shipping Co (MSC).

Shanghai handled 43.5 million TEU in 2020 and continues to see growth in its volume. Shanghai handled 22.94 million TEU in the first half of 2021, up 14 per cent versus 2020.

China's dry box output climbed 235 per cent in the first six months of the year to three million TEU.

Chinese officials declared the centre would help address the imbalance between import and export containers, citing US port congestion, trade imbalances, and logistic hurdles as the factors contributing to the shortage in containers.

The goal is to improve the flow of containers as Chinese manufacturers prepare for the busy season leading up to the holiday season.