Maritime World News

Ship Index: Greece, Japan, China top world ship fleet with $273bn

Written by Maritime First

…NIMASA ensures Nigeria remains, conspicuously missing on ranking index!***

Greece, Japan and China top world ship fleet  with over $273 billion dollars in the recent value ranking, released by Vessels value, a comprehensive database or vessel tracking and trade information.  

According to the report exclusively obtained by our reporter, topping the list is Greece, with an owned fleet worth just shy of 100 billion USD, followed closely by Japan and China, worth 89 and 84 billion USD respectively. 

Greek owners remain the dominant force in global shipping. The current value of their owned fleet stands at almost exactly $100bn, putting the country at the top of the table. 

The value is concentrated in the Tanker ($36bn), Bulker ($35.75bn), and LNG ($13.5) vessel types. Hellenic control of these markets stands at about 19% of the total worth of the fleets.

 According to the report “The strong commitment of Greek owners to the global shipping markets looks unlikely to change as others, such as Germany, are liquidating assets. 

The report also informed that the trend in Chinese ownership is rising, as state owned companies are consolidating and placing new orders. 

China also pose as new challengers for the throne of peak market value. However  Greek owners, with their sharp focus on commercial results,continue to lead the pack for the foreseeable future.

 The report also stated that “Japanese companies are the second largest group of shipowners by value but remain in the same league as Greece. 

“The country’s interests in the Dry Bulk and LNG segments are on par with the leader, but it does not have as much exposure to the tanker markets. Japanese refinery capacity has been falling since the late 2000’s, a trend that will continue as the country faces stiff competition from other Asian refiners. Japanese tanker owners continue to trade in the global markets, but growth will not come from domestic demand.”

According to statistics Japan is the top owner of LNG vessels by value, which is a strong strategic fit for its energy needs. 

Nuclear power remains under high scrutiny, and additional plants may shutter in the years ahead. 

This according to report leaves natural gas and coal as the top alternatives for power generation. The high ownership of Dry Bulk and LNG vessels make the trading fleet well suited to match domestic consumption.

 China follow closely at the heels of the two countries that place above it in terms of total owned value. 

The reported stated that China has had tremendous impact on all shipping and commodity markets since the stratospheic rise of the Country economy since 2000, although slowed down recently, but remain a positive force for ton mile demand across all vessel type

“The stratospheric rise of the country’s economy since 2000 has had impacts on all shipping and commodity markets. The growth trajectory has slowed recently but remains a positive force for ton mile demand across all vessel types.

The report also projected that the Chinese share of global ownership should continue to move upwards over the next decade across all markets. 

“The large amount of crude oil that is imported into the country is moving on an increasingly national fleet. This trend, combined with rising product exports should boost the number of tankers that come under owner’s umbrellas.” It stated.

Nigeria been one of the largest littoral states in Africa is however missing on the ranking index, owing to several challenges inhibiting the Maritime sector in Nigeria.

The past 12 months in the nation’s maritime industry have been very challenging as many indigenous shipping companies have either collapsed or are comatose over lack of patronage and failure of the cabotage shipping regime, among other nightmares.

The failure of the Ministry of Transport and its agency, the Nigerian Maritime Administration and Safety Agency (NIMASA) in disbursing the Cabbotage Vessels Financing fund to aid  indigenous shipping development were obvious reasons the giant of Africa was missing on the ranking index.

Oluyinka Onigbinde

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Maritime First