A key index gauging the state of the shipping industry in the third quarter rebounded 15 points to 101.7-points on a quarter-on-quarter basis.

This was the first time that the Shanghai International Shipping Institute's index exceeded the 100-point neutral reading since the third quarter of 2011, indicating a slow recovery in the fourth quarter of this year.

The SISI said China's shipping sector would continue to grow in the fourth quarter and next year on the back of an ongoing global economic recovery.

However, Chinese shipping companies have become more cautious on container and bulk ship investment after experiencing years of loss. Many of them are scrapping high-cost ships and selling assets to improve their financial structure.