China Surpasses Greece in Critical Ship-Ownership Metric, Affirming Global Transportation Role

 

In a significant milestone, China has overtaken Greece as the world's largest ship-owner in a key metric, solidifying its strategic significance in global raw material and goods transportation.

 

China, the world's second-largest economy, now holds the distinction of owning more vessels based on gross tonnage than any other country. According to Clarkson Research Services Ltd., an offshoot of the world's largest shipbroker, Greece has previously held this distinction since 2013.

 

Given China's substantial demand for raw materials from around the world to support its commodity needs, the nation has a critical role in global shipping. Simultaneously, it serves as a major exporter of finished products shipped via container vessels.

 

Clarkson's report highlights that China's ship owners dominate both the bulk commodity and container shipping markets, making them the largest players in these sectors.

 

While China has taken the lead in gross tonnage ownership, it still trails behind Greece in terms of deadweight tonnage, another closely monitored metric. Gross tonnage gauges a ship's internal volume, whereas deadweight tonnage factors in the weight of goods that the vessels can carry.