Latest ranking of the world's top ten ship owning countries released

Top Ten Shipowner Countries and Regions by Asset List

Japan

In terms of fleet value, Japan has risen back to the top spot after falling to second place in the global top ten shipowners list last November.

Currently, Japan's total fleet asset value is US\$1,966 billion, a year-on-year increase of approximately US\$9 billion, mainly due to the strong performance in the liquefied natural gas (LNG) carrier sector.

This year, LNG carrier freight rates have remained high, reaching a record high of US\$441,385 per day in October 2022, increasing the overall value of the fleet. This has also triggered a surge in new orders for LNG carriers.

As of this year, there have been 142 new LNG carrier orders, a year-on-year increase of approximately 92%.

About a quarter of these new orders are from Japanese companies, including Mitsui O.S.K. Lines (MOL), Nippon Yusen Kaisha (NYK), and Meiji Shipping.

Among the top ten shipowners, Japan has the highest value of LNG carriers, totaling US\$30.3 billion, and a dry bulk fleet valued at US\$53.5 billion.

The value of refrigerated vessels, small dry bulk carriers, LPG carriers, and car carriers are US\$985 million, US\$8.8 billion, US\$8.7 billion, and US\$22 billion respectively.

China

China remains number one in terms of global fleet size, currently with 6,908 vessels, with a total asset value of US\$1,966 billion, up from US\$1,912 billion last year.

In terms of both the number of vessels and value, China has the world's largest container fleet. Over the past two years, the surge in container freight rates has increased the fleet value from around US\$28 billion at the beginning of 2021 to approximately US\$56 billion today.

China also has the world's largest number of tankers. Therefore, the recent surge in tanker freight rates and values has raised the value of China's tanker fleet to second place globally, reaching US\$42.5 billion, an increase of US\$15 billion year-on-year.

Since the beginning of 2022, with the surge in TD3C-TCE tanker freight rates from the Middle East Gulf to China, daily tanker charter rates have increased from US\$14,966 to a peak of US\$78,876 in October.

The surge in tanker freight rates has sparked market interest in the buying and selling of second-hand vessels. As of this year, global second-hand vessel transactions have reached 950, a year-on-year increase of approximately 10%, with 15% of transactions coming from Chinese companies such as CMB, COSCO, and ICBC.

Greece

Greece maintains third place in both the total number and value of the global fleet.

In the tanker sector, Greece currently owns 1,461 tankers. While once possessing the most tankers, Greece has now been surpassed by China, which owns 1,466 tankers. However, in terms of value, Greece ranks first among tanker shipowners with a fleet value of US\$56.2 billion.

Due to improved demand for tankers, coupled with the ongoing conflict between Russia and Ukraine, very large crude carriers (VLCCs) have reached a peak charter rate of US\$72,199 per day, the highest level in nearly two years.

The rise in tanker earnings has rekindled interest in the sector. Since the beginning of the year, the value of VLCCs, Suezmaxes, and Aframax tankers has increased by 14% to 86%.

Greece is also the world's second-largest LNG carrier shipowner, with a total fleet value of US\$29.1 billion.

With the current surge in spot freight rates for LNG carriers, the value of the LNG carrier fleet has increased by over 50% since the beginning of the year, an increase of approximately US\$10 billion compared to last year.

United States

The United States ranks fourth with a total fleet value of US\$98.6 billion, an increase of over US\$2 billion compared to last year.

US\$54 billion comes from cruise ships, which is not surprising, as the largest cruise companies - Carnival and Royal Caribbean - are both American.

The cruise industry has been severely impacted by the COVID-19 pandemic in the past few years, but the United States still maintains its position as the world's largest cruise ship owner, although the total value of the cruise fleet has decreased by US\$2.5 billion since last year.

The United States is also the leading shipowner of roll-on/roll-off ships, with a fleet value of US\$2.3 billion, the highest globally. However, in terms of quantity, the United States has 38 roll-on/roll-off ships, fewer than Japan's 82.

Singapore

This year, Singapore maintains its fifth position from last year with a fleet value of approximately US\$80.3 billion. In terms of the number of vessels, Singapore ranks fourth globally.

Singapore's container fleet is the fifth largest in the world, valued at US\$23 billion, accounting for more than a quarter of the total value of the global container fleet.

Since the beginning of the year, Singapore's investment in the container ship sector has kept pace with global fleet growth, with 49 new orders placed, a year-on-year increase of 63%.

The container shipping market is booming, and companies such as PIL, Eastern Pacific, and Ocean Network Express are taking advantage of the situation, with new orders mainly concentrated in the Ultra-Panamax and Neo-Panamax segments.

In terms of second-hand vessels, the improvement in the tanker sector has led to an increase in second-hand vessel transactions in Singapore. The value of the tanker fleet is currently approximately US\$23.7 billion, a year-on-year increase of US\$5.5 billion.

South Korea

South Korea's global shipowner ranking has risen from seventh place last year to sixth this year, surpassing Germany. The country's fleet value is currently US\$65.9 billion, a year-on-year increase of nearly US\$8 billion.

South Korea's investment in the LNG carrier sector continues to pay off. Since January of this year, the value of this vessel type has increased by approximately 19%.

In the first ten months of this year, companies such as the South Korean K3 consortium, H Line Shipping, and SK Shipping have placed 28 new orders, all for large 174,000 CBM LNG carriers.

South Korea has consistently maintained a key position as a global exporter of seaborne automobiles. Hyundai Glovis and Eurokor, which have expanded their Pure Car and Truck Carrier (PCTC) fleets in recent years, are the country's major PCTC owners and operators.

EUROKOR holds a 20% stake in Hyundai Glovis and Kia Motors. Significant automobile manufacturing and seaborne exports make South Korea the third-largest owner of car carriers.

Germany

Germany fell from sixth to seventh place last year, with a total asset value of $64.3 billion. The majority of Germany's fleet has consisted of container ships, making it the second-largest country in terms of the number of container ships globally.

As container ship earnings have fallen from their earlier peak this year—with ultra-large container vessel earnings dropping from record highs of $148,500 per day in Q2 and Q3 to $71,500 today—the value of the German fleet has decreased by $12.8 billion year-on-year.

This year, Germany's investment in smaller dry bulk carriers increased by $1.3 billion year-on-year, reaching $6.249 billion.

Norway

Norway's ranking rose two places compared to last November, with a total asset value reaching $56.7 billion. This was mainly driven by investments in smaller dry bulk carriers by companies such as Wilson ASA, Sole Shipping, and Oslo Bulk.

The volume of second-hand transactions for smaller dry bulk carriers increased by approximately 39% year-on-year.

This year, Norway's Wilson acquired a batch of smaller dry bulk carriers, which were switched from time charters to Wilson's ownership as part of an agreement with Arkon Shipping, aiming to secure long-term capacity during a booming market.

Norway is also the second-largest owner of car carriers, both in terms of fleet value and quantity. The current value of Norway's car carrier fleet is $8 billion, an increase of $4 billion compared to last year.

Switzerland

Switzerland owns 431 container ships with a total value of $25 billion, making it the fourth-largest container fleet globally.

This year, Switzerland has become the world's largest buyer of container ships, with MSC acquiring 78 container vessels.

The Swiss-based shipowner has embarked on an acquisition spree, seizing the opportunity presented by the peak demand and sky-high freight rates experienced in the sector over the past few years.