By Rebecca Galanopoulos Jones, senior content analyst, Veson Nautical
Since publishing our Top 10 Shipowning Nations in 2024, we’ve updated the latest rankings across the globe, showcasing total asset values of fleets — both live and on order — by beneficial owner country. From China overtaking Japan to achieve pole position with an impressive fleet valued at US$255 billion to Switzerland’s notable entry at US$68 billion, the report highlights significant transformations in asset values and ownership dynamics over the past year.
Image credit: Vessels Value, Veson Nautical
China
Whilst China retains the top spot in terms of vessels numbers, it has also taken the lead for the most valuable fleet, overtaking Japan and amounting to US$255 billion. The fact that China owns the most valuable bulker and container fleets at US$68.4 billion and US$63.5 billion respectively, has contributed to their leading status, particularly as values for both sectors have firmed over the last year.
This is due to improving market fundamentals which have come about as a result of the crisis in the Red Sea, increasing ton-mile demand for most sectors as vessels reroute around the Cape of Good Hope to avoid hostilities.
For example, values for 20-year-old Capesizes of 180,000 DWT have increased by 26.98 percent over the last year from US$13.86 million to US$17.6 million. Values for 20-year-old Handy Containers of 1,750 TEU have also soared by an unprecedented 171.86 percent over the last year from US$5.97 million to US$16.23 million.
China also owns the largest number of tankers, with a fleet of 1,764 vessels and a current fleet value amounting to US$47.9 billion.
Japan
Japan has fallen to second place this year, despite the total fleet increasing in value from US$206.3 billion in 2024 to US$231.3 billion at the start of 2025, — two percent year-on-year.
Significant investment has taken place in the bulker sector with almost 60 vessels added to the fleet, and the firming in values for this sector would have in part contributed to the overall fleet value. To put things in perspective, values for bulkers hovered around 15-year highs throughout 2024, with older, 20-year-old Capesizes peaking at US$20.32 million in October 2024.
Out of the top shipowning nations, Japan also owns the largest fleets both in terms of value and size for the LNG sector, LPG vessels, reefers and vehicle varriers which value at US$40.9 billion, US$15.1 billion, US$1.3 billion and US$4.8 billion respectively.
Greece
Greece has maintained third ranking once again, both by overall value and number of vessels within its fleet. While China owns more tankers, the value of the Greek tanker fleet is considerably higher at US$71.3 billion, surpassing China by US$23.3 billion.
Over the last few years, various geopolitical circumstances, such as the conflict in the Red Sea area and the ongoing Russian sanctions, have resulted in a boost to ton-mile demand. This increase has supported earnings and consequently values for tankers, which have remained at high levels throughout the year. For example, values for 10-year-old long range product carriers, LR1s, of 75,000 DWT hit a 15-year high at the end of 2024, rising from US$38.27 million to US$43.85 million, increasing 14.58 percent year-on-year.
Greece also remains the owner of the second largest LNG fleet, with 143 vessels and a fleet value of US$32.4 billion. The value of this fleet has risen by just over US$1 billion from last year as values for this sector have remained at elevated levels over the last few years, driven by a surge in demand.
United States
The U.S. has retained fourth position with a total fleet value of US$116.4 billion, up by over US$16.5 billion from our last report.
The cruise sector remains the nation’s strongest maritime asset, representing US$58.6 billion, reinforcing the U.S.’s position as the world’s largest cruise owner. This is to be expected, given that the two leading cruise companies, Carnival and Royal Caribbean, have their headquarters in the U.S. Since our last report, the fleet has increased by almost US$10 billion, as the U.S. maintains its dominance in the cruise sector.
The U.S. is also the owner of the most expensive RoRo fleet, with a value of US$2.6 billion. However, with a fleet of 40 vessels, the U.S. ranks behind Japan and Turkey, who own 88 and 50 vessels each, respectively.
Singapore
Once again, Singapore has retained fifth place this year, with a fleet value of US$107.2 billion, rising by over US$21 billion from last year. It’s also in fourth place in terms of the number of vessels owned.
Singapore’s LPG and OSV fleets are the second most valuable globally, worth US$14 billion and US$4.4 billion each. A strong LPG market has continued to improve values for this sector, marking a significant increase of 50.5 percent from the last report.
South Korea
South Korea has retained its position of sixth place this year, and the value of its fleet now stands at US$69.6 billion, increasing by almost US$2 billion since last year.
However, the nation remains out of the top 10 in terms of vessel numbers, having been overtaken last year by newcomers such as the UAE.
South Korea’s investment in the LNG sector continues to pay off, with values for this sector remaining at high levels in fourth position with a valuation of US$17.2 billion.
South Korea has maintained a key role as a global car exporter. Continuing from previous years, there has been considerable investment into the newbuilding sector. Glovis placed an order for six LCTC vessels to be built at Guangzhou CSSC and to be delivered by 2028, which are contracted for US$125 million each en bloc.
United Kingdom
Although it doesn’t feature in the top 10 in terms of vessel numbers, for the second year in a row, the UK has moved up a place in the fleet value rankings, jumping to seventh place.
Accounting for just over 25 percent of the value of the UK fleet is the cruise sector, which is the most valuable sector to the UK. This is followed by the container sector with 17 percent, increasing by around two percent from last year due to improved market fundamentals and values. Due to continued strong gains in the tanker sector, the value of the UK tanker fleet has increased by 32 percent since our last report, moving up from US$7.2 billion in January 2024, to US$9.5 billion in January 2025.
As a result of recent investment in the LPG sector, the value of this fleet has remained firm at around US$5.3 billion.
Norway
Having been knocked down a place by the UK, Norway now ranks eighth with a total fleet value of US$68.5 billion, up almost US$10 billion from the last report.
This has largely been driven by investment in the gas sectors; the value of the Norwegian LNG fleet accounts for around 20 percent of the nation’s total fleet value, standing at US$13.6 billion. The LPG fleet has a share of around 4.5 percent, standing at US$3.1 billion. Tankers also take up a significant percentage of the Norwegian fleet at 16 percent and valued at US$10.9 billion.
Norway is also the second largest owner of vehicle carriers, which accounts for around 15.8 percent of the total fleet value at US$10.8 billion, up over US$1 billion from last year.
Switzerland
Switzerland has reentered the top 10 this year with a fleet value of US$68 billion, this is largely due to the firming of the container values due to improved market sentiment, alongside continued investment from MSC.
In 2024, Swiss-based MSC continued its spending spree of the last few years, adding a further 63 secondhand vessels to their fleet, mainly in the container sector, plus an astonishing 64 new orders which included a combination of ULCVs and New Panamax Container vessels, all scheduled to be built at Chinese yards and delivered from 2026 to 2029.
Germany
For the second consecutive year, Germany has experienced a decline in its global rankings, dropping from ninth to 10th place this year. Traditionally, a significant portion of the German fleet has consisted of container vessels as they hold the second position in terms of the number of vessels.
However, in monetary terms, the German fleet ranks fifth with a value of US$27.7 billion, which is a considerable uptick from the last report where the German fleet was valued at US$17.8 billion and represents an increase of approximately 55.6 percent.
Data is valid as of January 2025. Total fleet values in the top 10 shipowning nations and regions include the following vessel types: bulker, tanker, container, small dry, LNG, LPG, OSV, OCV, MODU, vehicle carrier, Roro, reefer, renewable, cruise.
Photo credit: iStock/ tampatra
