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Yangshan Port south of Shanghai, China.

Yangshan Port south of Shanghai, China. Photo: Patrick Foto/Shutterstock.com

Greek and Chinese Shipping Companies Dominate Global Fleet

Mike Schuler
Total Views: 1517
November 9, 2023

Greek and Chinese shipping companies now collectively own one-third of the cargo carrying capacity of the global fleet, according to BIMCO.

While Greece has maintained its position as the world’s leading shipping nation, China has emerged as a major shipping nation. According to BIMCO, China now owns the second-largest fleet of cargo-carrying ships behind Greece, which controls 19% of total capacity.

Together, Greek and Chinese shipping companies contribute 34% of the total fleet’s deadweight tonne capacity.

BIMCO says the entry of Chinese financial institutions into the leasing market has contributed to the growth of the Chinese-owned fleet, with five out of the top 10 Chinese shipowners being leasing institutions.

BIMCO also notes that China’s orderbook is 21% larger than that of Greece, indicating potential faster growth in the Chinese fleet in the years ahead.

Looking by sector, Greece has a significant presence in the dry bulk, tanker, and gas carrier sectors, while Chinese shipowners have a larger share in the general cargo and container fleets thanks to Chinese state-owned COSCO Shipping. However, Chinese and Greek shipowners both have a strong focus on LNG carriers and Pure Car Carriers (PCC), with Chinese owners holding the largest orderbooks, exceeding their existing fleet by 126% and 260%, respectively, according to BIMCO.

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