China is set to become the number one power in shipping in 15 years time, a report just out suggests.
The Shanghai International Shipping Institute has officially released its 2030 China Shipping Development Outlook report yesterday, which has drawn a blueprint for the medium term future of China’s shipping industry.
According to the report, by 2030, China’s total international shipping volume will reach 6.2bn tons, which will account for 17% of the world’s shipping volume. The growth rate for iron ore and coal demand will slow down and demand for grain and oil import will increase substantially. Export and import container volumes will also reach 200m TEU.
The growth of the bulk carrier fleet and tanker fleet will be faster than that of the container vessel fleet in the next 15 years. Bulk carriers, tankers and containerships will account for 70%, 18% and 9.5% of China’s shipping fleet.
China is also expected to exceed Greece in terms of total fleet capacity by 2030, and China’s ship financing will account for 30% of the world’s volume, the report says.
The report also forecasts that China will be the world’s largest cruise market and Chinese shipyards are expected to get about 11% of the world’s cruiseship orders by the time.