The fleet led by Chinese shipowners has surpassed, in terms of gross tonnage (GT), the fleet managed by Greek shipowners for the first time. However, the Greeks still dominate in ton-miles (TPM), according to a recent report from Clarksons.
In the 2000s, there was fierce competition between Greek and Japanese shipowners for control of the global fleet. By 2013, Greece rose to the top spot, seizing specific opportunities from the recession and facing challenges that German shipowners, with the fourth largest fleet in GT, could not overcome, as explained by Clarksons.
In 2018, Chinese shipowners moved ahead of the Japanese and gradually approached the Greeks, surpassing them in Clarksons’ latest ranking. Currently, China manages a fleet of 249.2 million GT valued at 180 billion dollars, while Greece has 249.0 million GT valued at 163 billion dollars. They are followed by Japan, South Korea, and the U.S. with 181, 66, and 66 million GT, respectively.
Since 2015, the tonnage controlled by China has grown significantly. However, while it represents 15.9% of the market, it does not match its commercial dominance, with China handling 22% of global imports and 33% of container exports. Thanks to a growing financial sector, they also lead in shipbuilding and repair, accounting for around 40% globally. Their current orders are almost double those of Greece, and they have a prominent share in the dry bulk (24%) and container ship (16%) markets.
The Greek fleet remains crucial in global maritime transport, serving as the primary intermediary and holding a 15.8% market share. They still lead in terms of tpm (423 million tpm, or 18% globally) and the tanker (25%) and LNG carrier (21%) markets, but they have shown less interest in building new vessels.
Strengths of their shipping companies include liquidity, low debt, adaptability to the market cycle, swift decision-making, and deep local knowledge. However, according to Clarksons, the generational transition in predominantly family-owned companies is challenging for them.
Clarksons predicts that this trend of a “shift to the East” in fleets and shipping companies will continue in the near future.