China’s vessel fleet increased by US $6.3 billion in value in 2018, the largest of any of the other top 10 shipowning nations, according to Vessels Value.
In its ‘Top 10 Ship Owning Nations 2019’, Vessel Value says China’s total vessel fleet is now worth $90 billion, which makes its corporate fleet the third most valuable in the world.
Singapore, China’s biggest trade partner and with whom it has established key trade routes, is just below it in fourth after it increased its fleet’s value by $3.1 billion in 2018.
Port of Singapore
The majority of Singapore’s growth came from its container sector; a notable 2018 highlight for the country was it being chosen to host the Japanese shipping alliance Ocean Network Express (ONE).
A recent Port Technology technical paper looked at the effects bigger vessels are having on the shipping industry
The figures are part of a $17.6 billion increase across the board, and see China sit third in the worldwide ship owning standings, behind Greece and Japan.
Shipping vessels owned by Greek companies reached $105 billion in 2018, a $5 billion increase in less than a year.
Port of Athens, Greece
This jump has been accredited largely to the country’s high demand for LNG vessels and tankers – Greece topped the LNG tanker sub-category in 2018, pushing Japan off first place.
The US sits in sixth place, which Vessel Value has said is due to its exposure to offshore markets and subsequent asset value declines.
South Korea, whose shipbuilding sector has suffered severely in recent years, increased its overall fleet by $5 billion and reach eighth place.