London: A recent report fro UK broker Clarkson shows that China is rapidly rising up the ranks in the crude and product tanker owner stakes. While the Greek fleet is still the largest, representing nearly 25% of the global tanker fleet, Chinese shipowners have expanded their tanker fleet rapidly between 2005 and 2014, at a compound annual growth rate of 13.2% to reach 34.7m dwt at the start of 2014, cementing China’s place as the third largest tanker owning country, ahead of Norway.
“Chinese owners have tended to take advantage of relatively competitive prices at domestic yards and have taken delivery of 15.5m dwt of VLCCs since 2005, accounting for 66% of growth in the Chinese-owned tanker fleet,” Clarkson noted.
China’s tanker orderbook – which stands at 26% of the extant fleet – is set to overhaul Japan into second place on the global tanker owning league. [04/09/14]