The maritime landscape is witnessing a significant shift as Japan and China have surpassed Greece in shipping dominance, both in terms of fleet size and total asset values. This change marks a pivotal moment in the global shipping industry, highlighting the growing competition among these nations.
China and Japan in Shipping: A Comparative Analysis
Japan leads in ship value, followed by China and Greece.
China has the largest merchant fleet in gross tonnage.
Greek shipping faces increasing competition from expanding Chinese fleets.
The diversity of the Greek maritime industry remains a stronghold.
Japan’s Rise in Shipping Value
Japan has reclaimed its position as the leading nation in ship value, with a reported increase of 5% in fleet value over the last four months. This growth has propelled Japan ahead of Greece, which has historically been a dominant player in the shipping sector. According to VesselsValue, Japan now ranks first in total asset values, followed closely by Greece and the United States.
China’s Fleet Expansion
China has emerged as a formidable competitor, boasting the largest number of vessels globally. The country surpassed Greece in August 2023, becoming the largest merchant fleet in gross tonnage terms. This rapid expansion is attributed to China’s focus on increasing cargo capacity, which now accounts for a third of the global deadweight capacity for goods transportation.
Greek Shipping Under Pressure
Despite Greece’s historical dominance, the country is facing mounting pressure from both Japan and China. Greek shipowners control approximately 61,000 cargo ships, with a total deadweight capacity of 2,200 million DWT, representing 19% of the global shipping sector. However, China’s share has rapidly increased to 15%, indicating a shift in the balance of power.
Diverse Fleet Composition
The Greek maritime industry is characterized by its diversity, with numerous traditional shipowners managing fleets of varying sizes. Notably, seven Greek companies each operate fleets exceeding 10 million DWT. In contrast, China’s shipping strategy is heavily focused on container ships and general cargo vessels, with three major companies dominating the market.
Financial Backing and Future Orders
Chinese financial institutions have played a crucial role in supporting the expansion of their shipping industry, particularly in the leasing market. The ten largest shipowners in China now command 41% of the Chinese-owned fleet, showcasing the concentration of power within a few key players.
In terms of future orders, China holds a 21% larger order book compared to Greece. In 2023, Chinese shipowners placed orders for 555 vessels, while Greek shipowners ranked third with 359 ships on order. Japanese owners also remain competitive with 496 vessels on order, indicating a robust demand for new ships across these leading nations.
Conclusion
The competition among Japan, China, and Greece in the shipping industry is intensifying, with Japan and China now leading in key metrics such as fleet value and size. As the maritime landscape continues to evolve, Greek shipowners must adapt to the changing dynamics to maintain their influence in this critical global sector.
Sources
Japan, China Pass Greece in Vessels, Values Among Top Shipowner Countries – The National Herald, The National Herald.
