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Japan leads world’s top 10 shipowning countries, followed by China, according to industry publication VesselsValue
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Japan’s fleet is worth $206 billion as of end-February, up 5% since the last report in November 2022
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China remains tops in terms of number of vessels owned with more than 6,000
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Values and ownership have changed considerably in the last 12 months
Japan leads the world’s top 10 shipowning countries with a fleet valued at $206.3 billion as of end-Feb, 2024, up 5% since the last report in November 2022 of VesselsValue.
VesselsValue, which provides market intelligence to the maritime market, revealed the year’s top 100 shipowning countries recently, and it showed the rise of Hong Kong, whose fleet is now worth $44.7 billion.
Asset values and ownership strategies have changed substantially in the last 12 months, according to the publication.
Substantial hikes took place in the tanker sector with close to a hundred vessels added to the county’s fleet.
Japan owns the highest value fleets for LNG and LPG vessels, valued at $37.8 billion and $13.4 billion, respectively. The country also has the largest and most valuable fleet of vehicle carriers with 334 valued at $22.9 billion.
Second placer China remained on top in total number of vessels with 6,084, its total fleet valued at $204 billion. The nation owns the largest bulker fleet, as well as tankers and containers. Growth in the value of containers may not be sustained for the short term as global values have dropped by 23.8% since November 2022.
Third placer Greece kept its position in both total number and overall value of its fleet. The Greek tanker fleet has the highest value at $69.5 billion, far higher than China’s $22.1 billion. Sanctions against Russia as well as the recent problems in the Red Sea have boosted earnings for the sector, to their highest levels since 2010, according to VesselsValue.
The US kept its hold on fourth spot with a total value of $99.9 billion for its fleet, up by $1 billion from the previous report. America’s greatest strength is in cruise ships, with total assets of $49 billion. The country has a firm hold on cruise ownership with the two largest companies – Carnival and Royal Caribbean – based in the US. The country also has the largest fleet of roll on-roll of vessels.
Fifth placer Singapore remains where it was in the past year. Its fleet has a total value of $87.5 billion. The nation’s container fleet is the third most valuable globally, worth $22.1 billion. This accounts for almost one-fourth of the value of the entire fleet.
Another Asian country, South Korea, kept its sixth place position, with its fleet now valued at $67 billion. The country, however, is no longer in the top 10 in terms of the number of vessels owned, overtaken by such countries as the United Arab Emirates, Russia, and the Netherlands. On the plus side, South Korea kept its role as a top global car exporter.
At seventh and eighth place are Norway and the United Kingdom, respectively, with the former moving up the ranking by surpassing Germany and the latter likewise rising one spot from its previous ninth place ranking. Norway’s rise can be credited mostly to investments in the gas sector, with its total fleet now valued at $59.3 billion.
The UK, meanwhile, with a fleet valued at $53.8 billion kept it strength in the cruise and the container sectors.
Finally at ninth and tenth place are Germany and Hong Kong, respectively. The value of the former’s fleet has dropped significantly in the period covered, from $32.1 billion to $17.8 billion, or a 45% drop. As for the latter, the newcomer to the top 10 currently has a fleet worth $44.7 billion, with its investments in the bulker sector boosting its position among the world’s shipowners.
