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China has surged to the top, overtaking Japan and Greece in total fleet value, according to an analysis of fleet values made by Veson Nautical, a U.S. commercial maritime software and service provider. Their fleets are valued at $255 billion, $231.3 billion and $188.8 billion, respectively.
For years, China has held the title for the largest fleet in terms of vessel numbers, but now it has also become the world’s most valuable fleet owner, surpassing Japan. China's dominance is fueled by its bulker and containership sectors, valued at $68.4 billion and $63.5 billion, respectively. The surge in vessel values is largely due to disruptions in the Red Sea and increased ton-mile demand, as ships reroute around the Cape of Good Hope to avoid hostilities. China’s rise is a reflection of its aggressive investments in shipbuilding, expansion into global trade routes, and its growing influence in maritime logistics.
Japan, now in second place, still commands a considerable fleet, marking a 12% growth from 2024. While China has overtaken it, Japan remains a dominant player, particularly in specialized vessel markets. Its LNG carrier fleet is valued at $40.9 billion; LPG carrier fleet, $15.1 billion; reefer vessel fleet, $1.3 billion; and vehicle carrier fleet, $24.8 billion. Bulk carrier values peaked in October 2024, with 20-year-old Capesizes hitting $20.32 million, reinforcing Japan’s commitment to high-value ship assets.
Greece remains in third place, consistently ranking among the world’s top maritime nations. While China holds more tankers in sheer numbers, Greece’s tanker fleet value is higher, standing at $71.3 billion—a remarkable $23.3 billion above China’s 48-billion fleet.
