Japan Leads Global Shipowning Nations With USD 206.3 Billion Fleet

The shipowning nations’ ownership strategies and asset values have altered extensively over the past year, per the latest survey of the top 10 shipowning nations. Japan proceeds with the highest-valued fleet, boasting $206.3 billion in terms of its assets, a rise of 5% since the last report in 2022 (November).

The three top nations have invested heavily in the tanker sector, with nearly 100 vessels put into Japan’s fleet, raising the total value by 15.5%, with the values for the industry gaining strength over almost all of the sub-sectors and age classes over the last year. Out of the top vessel-owning countries, Japan possesses the highest value fleets for LPG and LNG vessels at about $37.8 billion and $13.4 billion, respectively, and by volume at 202 LNGs and 344 LPGs.

Japanese Ship
Representation Image

China still has the most significant number of vessels owned, with 6,084 and a fleet worth $204 billion. Regarding the quantity and value of its bulker fleet, China leads the world. The majority of tankers and container vessels are owned by China as well. The shipping container fleet features 1,011 boats, valued at an incredible $42.6 billion, down 23.8% from November 2022 due to the market’s significant slowdown from the market’s highs. The tanker fleet has 1,576 vessels, valued at 47.4 billion.

Though China has more tankers, Greece’s tanker fleet boasts the highest value currently recorded at $69.5 billion, beating China by $22.1 billion. Greece also owns the second-greatest LNG vessel fleet, with 143 vessels and $31.1 billion as its fleet value. The values have consistently remained at elevated levels since 2022, bolstered by a hike in demand.

The US has remained in fourth place with $99.9 billion, up over $1 billion from the last received report. Of the asset value, $49 billion is represented by its range of cruise vessels, solidifying the country’s position as the largest cruise owner in the world as it is home to the Royal Caribbean and Carnival. The US is a noteworthy owner in the ro-ro sector, with the most significant fleet worth about $2.5 billion. With 40 vessels, the US stands behind Japan, which has 84 vessels.

Japan owns the most valuable and most excellent fleet for vehicle carriers, with about 334 vessels, making an estimated value of $22.9 billion. Singapore has retained fifth place, with a whopping $85.7 billion fleet value, and fourth place in terms of the vessels owned. The container vessel fleet of Singapore is the third-most valuable, worth $22.1 billion, or nearly one-quarter of the value of the whole fleet.

Enhancements in the LPG sector coupled with more vital values have reportedly sparked a rise in S&P activities for Singapore, with the value of the LPG fleet currently at $9.3 billion, marking a whopping 57% increase from the last report. The surge has elevated Singapore to second place in terms of its overall value in the broader LPG sector.

South Korea has also retained the sixth position in 2024, and the fleet value is now at $67 billion, which is an increase of over USD one billion since what was recorded in the last report. However, the nation has dropped out of the top 10 list of vessels owned, overtaken by some newcomers like the UAE, the Netherlands, and Russia.

Norway has moved up to seventh place, outperforming Germany, with a fleet value of a whopping $59.3 billion, driven mainly by the investments in the gas sectors, and the total value of Norway’s LNG fleet went up by 16.7% since the last received report to $14.2 billion. The value of the LPG fleet went up from 55% to $4.5 billion, led by a rise in secondhand sales and new building orders.

Norway is the second greatest owner of vehicle carriers, and the value of the fleet is now at $ 9.2 billion, up $1 billion from what was seen in the last report. After a brief period in the ninth position, the UK has moved to the eighth with $53.8 billion.

The Cruise sector is currently the most beneficial to the UK, accounting for about 25%, followed by the more significant container sector with 15%, though the share has dropped significantly. Germany has experienced a drop in global rankings, dropping from its earlier seventh place to ninth this year. Most of the fleet is conventionally comprised of container vessels, whereas Germany holds the second position regarding vessel numbers. Hong Kong is a newcomer in the list, with a fleet value hitting $44.7 billion with its investments in the bulker sector.

Reference: MarineLink

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Marine Insight News Network is a premier source for up-to-date, comprehensive, and insightful coverage of the maritime industry. Dedicated to offering the latest news, trends, and analyses in shipping, marine technology, regulations, and global maritime affairs, Marine Insight News Network prides itself on delivering accurate, engaging, and relevant information.

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