China has surpassed Greece as the leading owner of global fleet tonnage, capturing the top spot in the latest rankings, reveals Clarksons Research Services
According to Clarksons Research Services (CRS) managing director Stephen Gordon, writing in the latest issue of CRS’ World Fleet Register, with a staggering 249.2M gt valued at US$180Bn, China’s fleet value has edged ahead of Greece’s 249.0M gt valued at US$163Bn.
Japan follows closely behind with 181.0M gt, while South Korea and the US claim 66.0M gt each.
Not only is China leading in fleet ownership, but it also dominates the shipbuilding industry, accounting for approximately 40% of vessel production. Its cargo base advantage, combined with the strong performance of its finance sector, particularly in the leasing market, has contributed to its rise. Moreover, China’s active participation in the newbuild market and sales and purchase activities further solidify its position.
Despite China’s remarkable progress, the Greek fleet remains a pivotal force in international shipping, renowned as the ultimate "cross trader."
With an impressive 423M dwt and significant market shares in tankers and LNG, Greece continues to hold a leading overall position. The Greek market, albeit less active in newbuildings recently, still boasts the largest sales and purchase transactions.
With a deep cluster of local expertise, the Greek shipping industry excels, with quick and flexible decision-making, capital strength and expertise in exploiting market cycle opportunities.
Although managing generational change in family controlled businesses poses its challenges, the largest shipping companies in Greece, such as Angelicoussis, Dynacom and Navios, continue to thrive.
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