Shipowning: Greeks slip to second position behind China
After ten years in the lead, Greek owners have slipped into second place behind China in the global shipowning league table. Measured in gross tons (gt), the two countries are almost equal but China leads with 249.2 million gt against Greece’s 249.0 million gt, according to latest figures released by Clarksons Research in its latest edition of the World Fleet Register.
Greece still leads in deadweight terms but Clarkson’s valuation of its fleet, at USD 163 billion, is significantly lower than that of China. The Asian country’s fleet is estimated to be worth USD 180 billion.
In tonnage terms, the two countries are followed by Japan (181 million gt), South Korea (66 million gt), and the US (also 66 million gt). Germany now lies in seventh place.
There is a marked difference between the make-up of the two leading nations’ fleets. In China, the largest owners are state companies such as China Cosco and China Merchants. In Greece, it is privately owned companies, often family controlled, such as Angelicoussis, Dynacom, Cardiff, Navios, Star Bulk, Costamare, Alpha, Thenamaris, Capital, Minerva, and Tsakos, Clarkson said.
China’s fleet comes nowhere close to its import and export volumes, however. The country’s owners have a 15.9% market share but the nation accounts for 22% of global imports and 33% of container exports, according to Clarkson figures. China also has about 40% of global shipbuilding production and ship repair.
Greek owners are the ultimate cross traders and have a market share of 15.8%. They lead in tankers (25%) and have established a strong position in LNG, increasing their tonnage share from 3% ten years ago to 21% today.