China Claims Top Shipowning Nation Title Based on Gross Tonnage

China has overtaken Greece to become the world's largest shipowning country in terms of gross tonnage, according to information released over the weekend by the Shanghai-based China Shipowners' Association.

China Daily reports that data from Clarksons Research shows the fleet size of Chinese shipowners has reached 249.2 million GT, accounting for a global market share of 15.9%, about $180 billion in fleet value. This is slightly higher than the 249 million GT of Greek shipowners' fleet, but Greece maintains the lead on the measure of deadweight tonnage.

Japan ranks third with a fleet of 181 million GT, followed by South Korea and the United States, both at around 66 million GT.

Chinese owners currently have nearly double the newbuilding orders of Greek shipowners.

Dong Liwan, a professor of shipbuilding at Shanghai Maritime University, said that many Chinese companies are choosing new tonnage to meet the IMO’s emissions reductions regulations. This includes dual-fuel and LNG fueled orders.