Well, on continental map this one would have to go to shang. But on medit map, I think that if the phoe can keep with him in advancing through ages, stay equal in villager/boat count, and slowly win the naval battle, the phoe can win. Tool rushing on medit map is hard, because if you go for a really early tool you dont really have enough wood to play boat wars and keep the rush up...so tool rushing on medit is not as popular as booming.
Shang WILL advance faster. Shang will hang with phoenician on the land, considering they both recieve the same units with no bonuses. Shang early iron is much better than phoes early iron, imo. The phoe has to go for scythes early on, and play defense for a while, otherwise he runs the risk of being raided by horse archers. Shang ballistas and catapults, although without engineering, have ballistics...and its all they need. The ballistas can tear up elephants, and the cats can tear up elephants.
I would go for huge elephant/ele archer armies and throw in some scythes in case he makes priests, and make priests of your own. It will be very costly, but mixed armies is the ONLY chance a phoe has against any civ with ballistas.
2v2 cont map...my ideal team is phoe/shang for a double tool rush, or phoe/hittite for early and long game power. Phoenician will win the naval battle in most cases, considering the shang is splitting wood between large amounts of ballistas and cats and ships. The phoenician should make ST for sure, but dont overdo it...