China has overtaken Japan to claim the top spot in global ship ownership rankings, with a fleet valued at $255 billion, according to the latest Veson Nautical report. Rising demand for bulkers and container ships, combined with strong market conditions, helped push China ahead.

Japan now holds the second spot, even as its fleet value grew to $231.3 billion. The country remains dominant in LNG, LPG, and vehicle carriers and has shown steady investment in key maritime sectors.

Greece retains third place with the world’s most valuable tanker fleet, worth $71.3 billion. The U.S. remains in fourth place, largely thanks to its cruise industry, which accounts for $58.6 billion of its total fleet value of $116.4 billion.

Singapore, South Korea, and the U.K. hold spots five through seven, with fleet values rising in LPG, offshore support vessels, and tankers. Norway drops to eighth place, Switzerland reenters at ninth due to MSC’s container investments, and Germany slips to 10th place after another decline.

Top 10 Shipowning Nations

Here’s how the world’s Top 10 Shipowning Nations rank in 2025, based on Vesson Nautical’s latest data:

  1. China – $255 billion (Largest bulk carrier and container fleet)
  2. Japan – $231.3 billion (Leader in LNG, LPG, and vehicle carriers)
  3. Greece – $134 billion (Most valuable tanker fleet: $71.3 billion)
  4. United States – $116.4 billion (Cruise industry drives growth: $58.6 billion)
  5. Singapore – $107.2 billion (Strong LPG and offshore support vessel market)
  6. South Korea – $69.6 billion (Investing in LNG and car carriers)
  7. United Kingdom – $68.9 billion (Cruise and tanker investments push growth)
  8. Norway – $68.5 billion (Gas and vehicle carriers make up fleet strength)
  9. Switzerland – $68 billion (MSC’s container ship expansion fuels reentry)
  10. Germany – $27.7 billion (Container fleet remains strong despite rankings drop)

The rankings, compiled by Veson Nautical, highlight how shifting trade routes, rising vessel values, and ongoing investments shape the global shipping industry. With China now firmly in the lead, shipowning nations are adjusting strategies to remain competitive in a changing maritime landscape.