Zhoushan in East China's Zhejiang province trades 651 ships worth 3.71 billion yuan ($545 million) in the first eight months of this year, a year-on-year increase of 31.41 percent. [Photo/WeChat account: china-zjftz]

Zhoushan in East China's Zhejiang province traded 651 ships worth 3.71 billion yuan ($545 million) in the first eight months of this year, a year-on-year increase of 31.41 percent, according to the Zhoushan municipal bureau of ports and shipping.

The number of traded ships in the Jan-Aug period accounts for 82.4 percent of the annual goal.

Ship trading in Zhoushan is mainly conducted on a ship auction website owned by Zhejiang Ship Trading Market Co Ltd.

"Although ship trading was influenced by the COVID-19 pandemic, the confidence of ship manufacturers has increased as the domestic economy turns around," said Wang Qijun, chief analyst of Zhejiang Ship Trading Market Co Ltd.

Wang noted that the ship trading model has changed from on-the-spot transaction to both online and offline transaction due to the pandemic.

In addition, both the renminbi and the US dollar can be used as payment on the ship auction website, according to Wang.

In order to offer shipowners and shipping companies more convenient and efficient services, Zhejiang Ship Trading Market Co Ltd has introduced upstream and downstream service institutions for ship trading to the ship auction website. The services include evaluations, import and export proxies, shipping finance services, ship insurance, and shipping consultations.

Over the past five years, the annual number of ships traded by Zhejiang Ship Trading Market Co Ltd has grown by an average of 7.71 percent, during which time the company has traded 4,735 ships with a combined value of 19.05 billion yuan.