Greece’s decade-long lead as the largest shipowning nation, measured in gross tons, has come to an end as China takes over pole position. The Mediterranean country is still ahead, however, in deadweight terms, according to the rankings released in the latest World Fleet Register from Clarksons Research.
As the largest cross-trading nation, Greek shipowners overtook Japan in 2013 and have held number one slot for the last decade. China overtook Japan in 2018.
Clarksons estimates the gross tonnage of China’s fleet today at 249.2 million gross tons compared with Greece’s 249 million gross tons.
However, the value of the Chinese fleet, estimated at $180 billion, is significantly more than the Greek fleet of $163 billion.
China and Greece are followed by Japan with 181 million gross tons, South Korea with 66 million gross tons, and the United States, also with 66 million gross tons.
Over the last decade, Germany has slipped from fourth place to seventh.
However, the Chinese fleet does not match its trade figures. The country’s 15.9% market share in ship ownership is well below its trade strength, Clarksons said. China accounts for 22% of global imports and 33% of container exports.
Meanwhile, the Asian country’s shipbuilding and repair sector accounts for about 40% of the global total. Favourable financing arrangements, notably leasing, have propelled its orderbook to almost double that of Greece.
Greece plays continues to play a pivotal role in global shipping, Clarkson said as the country’s owners hold a remarkable share of 15.8% and lead in the tanker sector while its LNG share is up from 3% in 2013 to 21% in 2023.
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