China has overtaken Japan to become the world’s top shipowning nation, with a total fleet value of $255 billion, according to recent data from VesselsValue.
China, which was already leading in terms of the number of vessels, now also owns the most valuable fleet. It holds the largest bulk carrier and container ship fleets, valued at $68.4 billion and $63.5 billion, respectively.
Geopolitical tensions in the Red Sea have forced vessels to reroute around the Cape of Good Hope to avoid attacks, increasing tonne-mile demand.
Older vessels have also seen value appreciation, with 20-year-old capesizes now worth $17.6 million, a 27% rise compared to last year. Similarly, container ships of 1,750 TEU aged 20 years have seen a 172% increase in value, rising from $5.97 million to $16.23 million.
Japan, which now ranks second, has also seen its total fleet value grow from $206.3 billion in 2024 to $231.3 billion at the start of 2025. It remains the leader in the LNG, LPG, reefer, and vehicle carrier segments, holding the largest fleets in terms of both size and value.
Bulk carriers enjoyed a 15-year high value throughout 2024.Meanwhile, Greece has retained its position as the third-largest shipowning nation, with a total fleet value of $188 billion. While China owns more tankers in number, Greece boasts a higher total tanker fleet value at $71.3 billion, surpassing China by $23.3 billion.Greece also owns the second-largest LNG fleet globally, comprising 143 vessels with a value of $32.4 billion.
Switzerland has made an entry into the top 10 shipowning nations this year, with a fleet valued at $68 billion. MSC played a key role in this by adding 63 secondhand vessels and placing 64 new orders in 2024.
On the other hand, Germany has dropped from ninth to tenth place. While German owners rank second globally in the number of container vessels, the monetary value of their fleet ranks fifth at $27.7 billion.
The U.S. ranks fourth, followed by Singapore, South Korea, the UK, and Norway. Analysts have attributed the rise in the overall global fleet values to geopolitical developments, like the Red Sea conflict and sanctions on Russia.
Source : Shipping Telegraph
