Written by
Nick Blenkey
Picture: VesselsValue
VesselsValue has unveiled its record of this yr’s prime 10 shipowning nations, primarily based on the whole asset values of vessels and their nation of useful possession.
Rebecca Galanopoulos-Jones, senior content material analyst, Veson Nautical (which acquired VesselsValue final yr says that “from Japan’s resolute management within the prime place with a USD 206.3 billion fleet to the emergence of Hong Kong at $44.7 billion, asset values and possession methods have modified significantly during the last 12 months.”
1: JAPAN
Japan continues to guide, taking primary spot amongst shipowning nations with the very best valued fleet, holding a complete of roughly $206.3 billion in vessel property. This is a rise of round 5% for the reason that final report in November 2022.
Important funding has taken place within the tanker sector with nearly 100 vessels added to the fleet, growing the whole worth by around15.5%. As well as, values for this sector have continued to realize energy over nearly all sub sectors and age classes during the last yr. For instance, 10 yr outdated Suezmaxes of 160,000 DWT have elevated by round 19.8% yr on yr from $53.43 million to $64.01 million.
Of the highest shipowning nations, Japan owns the very best worth fleets for LNG and LPG vessels by each worth, at $37.8 billion and $13.4 billion respectively and by vessel numbers at 202 LNG vessels and 344 LPG carriers. Japan additionally owns the most important and most beneficial fleet for automobile carriers with 334 vessels and a complete worth of $22.9 billion.
2: China
As soon as once more, China maintains its prime place by vessel possession, boasting a complete of 6,084 vessels and a present fleet worth amounting to $204 billion. China owns the most important bulker fleet, each when it comes to vessels and values. On account of improved market fundamentals, earnings for bulkers have been agency, notably for the Capesizes. This has had a constructive influence on values which have elevated by round 30.36% year-on-year for newly constructed one-year oldvessels of 180,000 DWT which have elevated from $54.75 mil to $71.37 mil, the very best ranges since March 2010.
China additionally owns the most important variety of tankers and containershipd. The tanker fleet consists of 1,576 vessels with a complete worth of $47.4 bn and the containership fleet has 1,011 vessels, price a powerful $42.6 billion. Though the containership fleet has grown for the reason that final VesselsValue’s final report, the worth of the fleet has decreased by about 23.8%. This comes because the market has slowed considerably from the highs of 2022 and this has had an influence on values which have fallen throughout many sectors. For instance, values for 2 yr outdated helpful container vessels of 1,750 TEU, have fallen by about 20.1% year-on-year from $8.55 million to $6.76 milion
3: GREECE
Greece has maintained its place because the third-ranked shipowning nation by each whole variety of vessels in its fleet and general worth. Whereas China owns extra tankers, the Greek tanker fleet has the very best worth at $69.5 billion, surpassing China by $22.1 billion
During the last two years, the continued Russian sanctions and the ensuing surge in tonne-mile demand has continued to bolster earnings for tankers. As well as, the state of affairs unfolding within the Crimson Sea is offering additional assist to earnings, a minimum of within the quick time period. This has saved tanker values hovering across the highest ranges since 2010 for many sectors, for instance values for 15 yr outdated Suezmaxes of 160,000 DWT are at the moment up about 20.62% from the identical interval final yr, from $38.37 million to $46.28 million
Greece can be the proprietor of the second largest LNG fleet, with 143 vessels and a fleet worth of $31.1 billion. The values on this sector have persistently remained at elevated ranges since 2022, pushed by a surge in demand.
4: U.S.A.
The U.S. has remained the quantity 4 shipowning nation, with a complete fleet worth of $99.9 billion, up over $1 billion since VesselsValue’s final report.
Of the general asset worth, $49 billion is accounted for by cruise ships, solidifying the USA’s place because the world’s largest cruise proprietor. That is to be anticipated, provided that the 2 main cruise corporations, Carnival and Royal Caribbean, have their headquarters within the U.S. Regardless of a lower within the fleet worth by a complete of $4.7 billion for the reason that final report, the U.S. maintains its dominance within the cruise trade.
The U.S. can be a outstanding proprietor within the RO/RO sector, with the most important fleet when it comes to worth, price $2.5 billion. Nevertheless, with 40 vessels, the U.S. ranks behind Japan, which owns 84 vessels
5: SINGAPORE
Singapore has retained fifth place as soon as once more this yr, with a fleet worth of round $85.7billion and locations fourth when it comes to the variety of vessels owned. Singapore’s Container fleet is the third most beneficial globally, price USD 22.1 bn, accounting for nearly 1 / 4 of the worth of your entire fleet.
Enhancements within the LPG sector and stronger values have sparked a rise in sale and buy exercise for Singapore. The present valuation of the LPG fleet stands at USD 9.3 billion, marking a considerable 57% enhance from the final report. This surge elevates Singapore to the second place when it comes to worth inside the LPG sector.
6: SOUTH KOREA
South Korea has retained its place in sixth place this yr, and the worth of its fleet now stands at $67 million, a rise of simply over $1 billion for the reason that final report was accomplished.
Nevertheless, the nation has falleb out of the highest 10 when it comes to the variety of vessels owned, overtaken by newcomers corresponding to UAE, Russia and the Netherlands.SOUTH
South Korea’s funding within the LNG sector continues to repay, with values for this sector remaining agency and at excessive ranges.
South Korea has maintained a pivotal function as a world automobile exporter and there was appreciable funding into the newbuilding sector. HMM positioned an order of six LCTC vessels and an choice for an additional 4 extra vessels to be constructed at Guangzhou CSSC and scheduled to be delivered between 2026-2028
7: NORWAY
With a complete fleet worth of $59.3 billion, Norway has moved as much as seventh place, surpassing Germany, This has largely been pushed by funding within the gasoline sectors and the worth of the Norwegian LNG fleet has elevated by about 16.7% for the reason that final report, from $12.2 blllion to $14.2 billion. The worth of the Norwegian owned LPG fleet elevated by about 55% from $2.9 billion to $4.5 billion, led by a rise in second hand gross sales and newbuilding orders. Over the course of 2023, Norway added 10 LPG vessels to the worldwide orderbook, together with an en bloc deal by Solvgang ASA which ordered 5 VLGC LPG vessels of 88,000 cubic meters from Hyundai Heavy Industries, scheduled for supply in 2026-2027 and ranging in worth from $107.41 million to $106.65 million.
Norway can be the second largest proprietor of auto carriers. The present worth of this fleet stands at $9.2 billion, up from $8.2 billion, a rise of round.13% from the final report.
8: UNITED KINGDOM
After a short interval in ninth place, the U.Ok. has now moved again as much as eighth place with a price of $53.8 billion. The cruise sector is probably the most helpful to the U.Ok., accounting for round 25%, adopted by the container sector with a share of 15% (a share that has decreased considerably, as a consequence of a cooling in market sentiment and subsequently values). Because of sturdy features within the tanker sector, the worth of the U.Ok. tanker fleet has elevated by c.36.5% since our final report, shifting up from $5.2 billion in November 2022 to $7.2 billion.
There has additionally been notable U.Ok. funding within the LPG sector and the worth of this fleet has moved up from a price of $2.9 billion in VesselsValue’s final report back to $5 billion at the moment, a rise of about 30%.
9: GERMANY
Germany has skilled a decline in its international rankings, dropping from seventh to ninth place this yr. A good portion of its fleet has historically consisted of containerships, the place Germany at the moment holds the second place when it comes to the variety of vessels. As earnings proceed to endure a correction values on this sector have additionally decreased. Consequently, the worth of Germany’s fleet has fallen from $32.1 billion within the final report back to $17.8 billion, a lower of roughly 45%.
This yr, Germany’s funding within the LNG fleet has elevated in worth by $625 million, to face at $1 billion.
10: HONG KONG, CHINA
Although its debatable whether or not a Particular Autonomous Area of China is definitely a shipowning nation, VesselsValue contains Hong Kong as a newcomer to the highest ten record with a complete fleet worth of $44.7 billion. Notably, its important funding within the bulker sector has catapulted Hong Kong to the fifth place within the prime 10 record. This sector alone contributes over 1 / 4 of the whole fleet worth, roughly 29%, amounting to $3 billion. This has been supported by sturdy bulker values which have risen throughout all sub sectors for contemporary vessels, for instance 5 yr outdated Capesizes of 180,000 DWT have grown in worth by 32.14% yr on yr from $42.53 million to $56.2 million.
- Knowledge is legitimate as of February 2024. Whole fleet values are for vessel varieties lined by VesselsValue: bulker, tanker, container, small dry, lng, lpg, osv, ocv, modu, automobile service, RO/RO, reefer, renewable, cruise.
