Shanghai has overtaken Dubai and taken the sixth spot as the world’s primary shipping centers, a ratings report released yesterday showed.

Singapore, London and Hong Kong remained the top three destinations while Athens edged out Tokyo for the 10th place, according to the 2015 Xinhua-Baltic Exchange International Shipping Centers Development Index.

The rating covers 46 major ports around the world and rates them out of 100 points with 60 points qualifying for the top 10 list. Shanghai was rated 69.41, scoring high points on China’s “Belt and Road” initiative, the new free trade zone, and the city’s ambition to become a global scientific and financial hub.

Top of the list Singapore had 85.73 points.

According to global financial services information provider Dealogic, the global shipping industry raised US$46.4 billion of financing during the first half of 2015, down 25 percent from the same period in 2014. Average shipping loan size reached US$304 million in the first six months this year, dropping 8 percent year on year.