China Is the World’s Leading Maritime Nation, New Report Shows

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…As Concordia Maritime Secures Work for Stena Provence***

China is the top international shipping nation according to a new report presented today by DNV GL and Menon Economics at SMM trade fair in Hamburg.

The study, entitled “The Leading Maritime Nations of the World”, benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success.

The new report follows up the 2017 report by Menon and DNV GL on the “Leading Maritime Capitals of the World” but shifts the focus to an extensive review of the maritime industry at the national level.

As explained, the 30 nations were ranked by size and magnitude on all four key maritime pillars and their subgroups. As the shipping sector is the main engine of the entire maritime industry, more weight was given to the shipping sector.

The 2018 report ranks China as the world’s leading maritime nation, due to its top four ranking in all of the maritime pillars. China’s position is particularly strong on the ports and logistics pillar, with the world’s largest container and bulk ports.

“The strength of China is overwhelming, particularly on the pillar of ports and logistics, but also in shipping,” Erik W. Jakobsen, Managing Partner in Menon Economics and co-author of the report, said.

“It should not surprise us, though, since China is the largest exporting and importing country of the world. The other economic superpower, USA, follows China on the ranking, with major ports and maritime cities both on the east and west coast,” he added.

The USA is placed second, scoring high on all four dimensions, followed by Japan. Germany, Norway and South Korea, share the fourth place. Germany’s strength lies in its consistency, with a top five spot in three categories, whereas Norway has its strongest position within maritime finance & law and maritime technology. South Korea scores top in maritime technology and is among the top 10 in shipping and ports & logistics.

“For the top 3 maritime nations, the study’s rankings mirror the size of their national economies,”Shahrin Osman, Regional Head of Maritime Advisory for South East Asia, Pacific and India, at DNV GL Maritime, who co-authored both the 2017 and 2018 reports, commented.

“Interestingly however, in the joint fourth position of Norway, South Korea, and Greece in the 7th position, we can see that ‘smaller’ countries can still have an outsize influence and importance to the maritime world, due to their traditions, history and innovations,” he further said.

In the meantime, Swedish tanker shipping company Concordia Maritime has signed a contract to charter out the P-MAX tanker Stena Provence for another year.

The undisclosed oil and gas major has been employing the vessel since 2014 for niche transportation of refined petroleum products, mainly in the Asia Pacific region.

“It’s always pleasing to be given a renewal of confidence. This customer has a specific transport need, for which the large load capacity of our P-MAX vessels are well suited. For our part, the contract is fully in line with our efforts to concentrate employment on niche trades where the P-MAX vessels’ unique properties are most beneficial,” says Kim Ullman, CEO of Concordia Maritime.

This is Concordia Maritime’s second contract extension in the recent period. In July, a similar contract was signed with the same customer for the P-MAX vessel Stena Paris.

“Given the weak market, we are still pleased with the level of the contract. Having part of the fleet signed to longer-term contracts is strategically important for us,” concludes Kim Ullman.

Despite reporting a widened net loss in the second quarter of the year, reaching USD 6.2 million, Ullman believes the weak market will see an upturn soon due to the increased demand for tanker transport and moderate fleet growth.

World Maritime News