China has surpassed other nations to become the largest shipowning country in terms of gross tonnage, as per research conducted by a UK data provider.
Chinese shipowners now possess a fleet of 249.2 million GT, accounting for a 15.9% market share valued at $180 billion. Greek vessel owners, previously in the top spot, now hold second place with a fleet of 249 million GT, a 15.8% market share, and a value of $163 billion.
China’s dominance is attributed to its increased activity in the newbuild market, with an order book almost double that of Greek-owned vessels and its involvement in Sale & Purchase (S&P) transactions.
Japan follows closely behind with a fleet of 181 million GT, while South Korea and the United States round out the top five with approximately 66 million GT each.