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GREEK NEWS

Greece’s Shipping Fleet in the Top 3 Worldwide

Greece shipping
The Greek tanker fleet has the highest value at $69.5 billion, according to the report released this week. Credit: Union of Greek Shipowners

Japan, China and Greece remain leaders in global shipping in terms of fleet value, leading shipping publication Veson Nautical reported this week.

In the annual list of the world’s top ten fleets presented by the company’s VesselsValues, Japan ranks first with a fleet value of $206.3 billion in assets, China second with a current value of $204 billion and Greece is in 3rd place with a fleet worth $169 billion.

The Greek tanker fleet has the highest value at $69.5 billion, pushing China into second place which however owns more tankers. Greece is also the owner of the second largest LNG fleet, with 143 vessels and a fleet value of $31.1 billion.

“Greece has maintained its position as the third-ranked country by both the total number of vessels in its fleet and overall value. While China owns more tankers, the Greek tanker fleet has the highest value at $69.5 billion, surpassing China by $22.1 billion,” the report says.

Greece’s shipping fleet, Russian sanctions, and Red Sea crisis

It adds that over the last two years, the ongoing Russian sanctions and the resulting surge in ton-mile demand have continued to bolster earnings for tankers.

In addition, the situation unfolding in the Red Sea is providing further support to earnings, at least in the short term. This has kept tanker values hovering around the highest levels since 2010 for most sectors.

“Greece is also the owner of the second largest LNG fleet, with 143 vessels and a fleet value of $31.1 billion. The values in this sector have consistently remained at elevated levels since 2022, driven by a surge in demand,” the report notes.

Japan, China and the US

The report notes that Japan continues to lead, taking the number one spot by owning the highest-valued fleet and holding a total of approximately $206.3 billion in assets. This is an increase of around 5 percent since the last report in November 2022.

Significant investment has taken place in the tanker sector with almost 100 vessels added to the fleet, increasing the total value by about 15.5 percent.

China maintains its top position by vessel ownership, boasting a total of 6,084 vessels and a current fleet value amounting to $204 billion. China owns the largest bulker fleet, both in terms of vessels and values.

According to the report the USA has remained in 4th place with a total of $99.9 billion.

Of the overall asset value, $49 billion is represented by cruise ships, solidifying the USA’s position as the world’s largest cruise owner. This is to be expected, given that the two leading cruise companies, Carnival and Royal Caribbean, have their headquarters in the USA, the report notes.

Related: Shipping Is Part of Greece’s Identity

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