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China Becomes World’s No.1 Maritime Fleet Owner

China Becomes World’s No.1 Maritime Fleet Owner

China has taken over the title of the world’s biggest maritime fleet owner, leaving Greece behind in terms of ship size, according to global shipping info source, Clarksons Research.

Greece had the lead for a decade, but China’s role as a global manufacturing hub, sturdy cargo trade, and solid financial support for shipping pushed it to the forefront, experts shared.

Latest stats from Clarksons Research reveal China’s fleet at 249.2 million gross tons (GT), with Greece at 249 million GT and Japan at 181 million GT.

Experts noted this outcome was expected, given China’s strong production standing and other positive elements.

“China’s shipping sector keeps growing, and our position as the planet’s top manufacturing hub holds firm. These factors make our high ranking possible,” said Li Yanqing from the China Association of the National Shipbuilding Industry.

In H1 2023, China’s shipyards constructed 21.13 million deadweight tons (DWT) of ships, up 14.2% YoY, as per the Ministry of Industry and Information Technology.

New orders stood at 37.67 million DWT, up 67.7%, with 123.77 million DWT in existing orders. These figures solidify China’s global dominance.

“As our fleet grows, the demand for new ships goes up naturally. Our shipbuilding industry can meet local needs, and over 70% of our new orders are from abroad,” said Li.

China’s powerful presence in the global economy and trade underpins its fleet leadership.

“China’s economic impact is rising, and trade significantly boosts shipping capacity,” an industry insider commented.

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China’s consistent imports of dry bulk cargo and strong demand for containerized exports drive its fleet expansion.

Robust backing from China’s financial sector also propels shipping growth, particularly in leasing firms.

While China excels in total tonnage, Greece holds the edge in terms of DWT, probably due to China’s higher number of container ships.

MMJ News Desk
Author: MMJ News Desk

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