China has surpassed Greece as the world’s largest shipowner for the first time in terms of tonnage, according to the UK’s Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. This feat has consolidated China’s importance in the transport of goods and raw materials across the globe.
The fleet of Chinese shipowners has now reached 249.2 million GT, holding a 15.9% market share with a fleet value of US$180 billion. On the other hand, the ships of Greek vessel owners, who fell to the second place, have reached 249 million GT with a 15.8% market share and a value of US$163 billion.
“China has been more active in the newbuild market (now almost double the Greek-owned orderbook) and more active in Sale & Purchase (S&P),” said Clarksons in its latest weekly report.
China relies on raw materials imported from across the globe to satiate its enormous commodity demand. It’s simultaneously a major exporter of finished goods, often shipped across the globe in container ships.
Though China is now the largest owner by gross tonnage, it continues to lag Greece by deadweight tonnage, a more closely watched metric.
The former accounts for the internal volume of a ship, while the latter measures the weight of the goods vessels can carry.
Japan follows the two traditional powerhouses of the global shipping industry with a fleet of 181 million GT. South Korea and the United States round out the top five, both with about 66 million GT.
