China Overtakes Japan to Become World's Largest Shipowner by Value in 2024

by Ship & Bunker News Team
Monday January 27, 2025

China has overtaken Japan to be noted as the world's largest shipowning nation by value.

China holds the top spot thanks to its most valuable bulker and container fleets, valued at $68.4 billion and $63.5 billion, respectively.

The country's fleet, both operational and on order, is valued at $255 billion, exceeding Japan's $231 billion, according to a report published by maritime analytics firm VesselsValue.

The bulker and container segments have shown improvement over the last year.

"This is due to improving market fundamentals which have come about as a result of the crisis in the Red Sea, increasing tonne-mile demand for most sectors as vessels reroute around the Cape of Good Hope to avoid hostilities," VesselsValue said.

China also operates the largest number of tankers, with a total 1,764 vessels in its fleet with a current valuation of $47.9 billion.

Japan ranks second in total fleet asset value, followed by Greece, the US, Singapore, South Korea, the UK, Norway, Switzerland and Germany.

Greece has maintained its third position in the ranking.

"Switzerland has reentered the top 10 this year with a fleet value of USD 68 bn, this is largely due to the firming of the container values due to improved market sentiment, alongside continued investment from MSC," the company said.

Ship & Bunker News Team
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