Greece has held the title of the world’s largest shipowner for ten consecutive years since 2013. New data released by Clarkson Research Services show that China overtook the title this month. Chinese companies now own more ships based on gross tonnage, says a recent Bloomberg report.

Up until July 2023, Greece owned 249 million gross tonnes of shipping capacity, while China had 248.1 million gross tonnes. This month’s data show that China increased its capacity to reach 249.2 million, while Greece’s capacity remained unchanged.

In fact, Greece’s capacity decreased from last year’s peak of 253.2 million gross tonnes in November 2022. In the meantime, China’s capacity has been witnessing a constant increase over the past few years.

China’s giant manufacturing industry makes it one of the leading importers of raw materials. This consequently translates to exporting large volumes of finished goods. Bloomberg cited Clarkson’s report, which claims that “Chinese owners are the biggest in both the bulk commodity and container shipping markets.”

News from the world’s second-largest economy also shows that it continues to be active in building new ships. China is home to leading shipbuilding companies, including the China State Shipbuilding Corporation (CSSC). According to research conducted by Statista, China became the largest shipbuilding nation in 2022 after completing the delivery of ships with nearly 36.7 million combined gross tonnage.