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Value of the German fleet increases by US$10bn – in just one year

The value of German container ships has risen by half in just one year. Nevertheless, Germany has slipped down the rankings of the largest shipping nations.

The consulting firm Veson Nautical has published an updated version of the report “Top 10 Shipowning Nations in 2024” has been presented. It compares the total value of the fleets, including newbuildings ordered.

Against the backdrop of high rates and price levels, as well as market changes, there have been some changes in the ranking. Germany slipped down the rankings for the second time in a row, falling from 9th to 10th place compared to the previous year.

The total value of the fleet owned by German owners rose by almost US$10bn from US$49.5bn to US$59.4bn. Container ships traditionally have the largest share – in this segment, Germany has the second largest fleet behind China with a total value of US$27.7bn.

Traditionally, the largest part of the German fleet consists of container ships, which in terms of the number of ships (621) take second place behind China with a market share of 11.6%. Their owners have benefited in particular from the price increase. The fleet value climbed from US$17.8bn to US$27.7bn, which corresponds to an increase of almost 56% within one year.

The second largest segment in terms of value is cruise ships (30 ships / US$9.4bn), followed almost equally by bulkers (205 / US$7.16bn) and MPP/Small Dry (626 / US$7.04bn). There is also a significant fleet of tankers (179 / US$4.7bn). All other areas, such as the offshore sector, are rather sparsely populated (see table).

China (US$255bn) has taken over the top spot in the global ranking from Japan (US$231bn). The bulker and container fleets are the most valuable in a global comparison at US$68.4bn and US$63.5bn, respectively. China also owns the largest number of tankers with 1,764 vessels and a current fleet value of US$47.9bn.

Veson, Schiffseigner, Flotte, deutsche
© Veson Nautical / Vessels Value

Greece has maintained third place, both in terms of total value (US$188bn) and number of vessels. New in the top 10 is Switzerland (US$9.68bn), one place ahead of Germany. The Alpine republic is benefiting from the unprecedented fleet growth of the Geneva-based Aponte shipping company MSC.

The reason for the significantly higher sums is the crisis in the Red Sea. As most shipowners are taking the detour around the Cape of Good Hope to avoid the attacks by the Houthi movement, demand for tonne-miles has risen significantly for most sectors.

For example, prices for 20-year-old Capesize bulkers (180,000 dwt) rose by around 27% from US$13.86m to US$17.6m in the course of 2024. The value of an equally old Handy container ship with 1,750 TEU even rose by 172% from US$5.97m to US$16.23m. The market value for a 10-year-old LR1 tanker with 75,000 dwt reached a 15-year high at the end of 2024 and stood at US$43.85m, an increase of 14.6% compared to the previous year.

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Caption: The "Berlin Express" from Hapag-Lloyd.