Asia/Pacific News
SISI: Chinese Fleet to Become World's Largest by 2030
The Shanghai International Shipping Institute (SISI) Friday announced the release of its 2030 China Shipping Outlook report, predicting China's fleet will become the world's largest in 15 years' time.
According to the report, which SISI described as a "blueprint for the medium term future of China's shipping industry," the Chinese fleet will account for 17 percent of the world's "shipping volume."
Bulk carriers will account for 70 percent of the country's fleet, predicted SISI, while 18 percent will be tankers and 9.5 percent will be box ships.
In addition, China will become the world's largest cruise market and Chinese shipyards will be handling 11 percent of global orders for cruise ships by 2030.
The growth in China's fleet will see the country surpass Greece in terms of total capacity, said SISI.
China will also account for 30 percent of global ship financing, according to SISI.
The report further predicts that Chinese iron ore and coal demand will continue to slow down as grain and oil imports into the country accelerate.
Meanwhile export-import container volumes will reach 200 million twenty-foot equivalent units.
China Shipping Development Co. last week announced it is set to order three new bulk carriers.
