For decades various nations have hosted “flags of convenience” when it comes to registration of ownership, so this data is interesting, but not the whole story. Here’s the word from Veson;
The latest Top 10 Shipowning Nations rankings for 2026 reveal updated asset values for fleets both live and on order by beneficial owner country.
This year’s rankings see significant movement with Switzerland climbing to sixth place following MSC’s aggressive expansion, whilst Hong Kong and Taiwan, China have entered the top 10, displacing Norway. The US’ cruise sector and Singapore’s diversified fleet have driven particularly strong value growth over the past year.
1. China
China has retained the top spot both in terms of value and vessel numbers with the fleet worth an impressive USD 291 bil which equates to 9375 vessels. The value of the fleet has soared from 2025 levels of USD 255 bil, a year-on-year increase of c.4%. China owns the most valuable fleets for Bulkers, Containers, and Small Dry vessels. All of these sectors have seen increases in asset values over the last year.
For example, 10YO Capesize Bulkers of 180,000 DWT have increased by c.26.47% from this time last year up from USD 39.14 mil to USD 50.36 mil — the highest levels since October 2008. Values for older Containers have also seen significant improvements with 15 YO Sub Panamax vessels of 2,500 TEU up c.18.3% year-on-year from USD 26.62 mil to USD 31.23 mil.
China also owns the largest fleet of Tankers, compiling 2,039 vessels and a current value of USD 56 bil.
2. Japan
Japan has maintained its second-place ranking this year with a fleet valued at USD 233 bil, which is relatively unchanged from 2025 levels.
Out of the top shipowning nations, Japan owns the largest fleets both in terms of value and volume for the following sectors: LNG, LPG, Reefers, and Vehicle carriers worth USD 34 bil, USD 11 bil, USD 2 bil and USD 14 bil respectively.
3. Greece
Greece has retained third place once again both by total value and the number of vessels within its fleet. Although China owns more Tankers, the value of the Greek Tanker fleet is considerably higher at USD 77 bil, surpassing China by USD 21 bil.
Greece has the second largest Bulker fleet, totaling 2,561 vessels but ranks third in terms of value, surpassed by Japan with a fleet value of USD 68 bil compared to USD 56 mil for Greece.
4. United States of America
The US has remained in fourth place with a total fleet value of USD 141 bil, up by over USD 25 bil from our last report.
The cruise sector remains the nation’s strongest maritime asset, representing USD 79 bil, a considerable increase of c.34% from last year, maintaining the nation’s dominance in the Cruise sector.
The US also owns the most valuable fleets for the MODU, OCV, OSV, and RoRo sectors which are valued at USD 16 bil, USD 3 bil, USD 12 bil, and USD 3 bil respectively.
5. Singapore
Once again Singapore has retained its fifth place this year, rising by over USD 34 bil from last year with a fleet value of USD 141 bil. They are in fourth place in terms of vessels owned with a total of 3,359.
Singapore’s LPG, OCV, and OSV fleets are the second-most valuable globally worth USD 16 bil, USD 1 bil, and USD 5 bil each.
6. Switzerland
Switzerland has moved up to sixth place this year after reentering the top 10 in 2025 in ninth place. The total value of the Swiss fleet is at USD 83 bil, up c.22% from last year, which is largely due to the continued buying spree of Swiss-based MSC who have added a further 58 secondhand vessels plus an additional 36 orders to their existing orderbook.
The Container ships ordered in 2025 were all on the larger scale and either in the ULCV or New Panamax sectors; all vessels have been contracted to Chinese yards and scheduled to be delivered between 2027-2030.
7. Hong Kong, China
Hong Kong, China enters the top 10 this year and is in seventh place with a fleet value of USD 78 bil. The region has a well-diversified portfolio across multiple sectors with Containers representing the largest component at USD 32.5 bil, followed by Bulkers at USD 15.3 bil and Tankers at USD 13.7 bil. Hong Kong also maintains significant presence in the LNG sector with a fleet valued at USD 6.9 bil, ranking fifth globally.
8. South Korea
South Korea has fallen two places to rank eighth this year; however, the value of its fleet remains stable from last year at USD 69 bil.
South Korea’s investment in the LNG sector continues to pay off with values for this sector remaining at high levels. They are in fourth position with a valuation of USD 13 bil — a decrease of USD 4 bil from last year. South Korea also remains a key global car exporter with a fleet value of USD 6 bil.
Following South Korean owned Sinokor’s recent acquisition of approximately 35 VLCCs, we expect South Korea’s total fleet value to increase by around USD 2.8 bil once ownership transfers are complete. There will be no impact to the rankings following this transaction.
9. Germany
Germany has moved up a place after experiencing a decline in its global rankings over the last few years. Traditionally, the German fleet is represented significantly by the Container sector, currently holding the second position in terms of vessel numbers with a fleet of 586 Container ships; however in monetary terms, the German fleet ranks sixth with a value of USD 29 bil.
10. Taiwan, China
Taiwan, China enters the top 10 this year, displacing traditional maritime heavyweights such as Norway. The overall value of the fleet adds up to USD 63 bil with a total of 1,297 vessels. The Taiwanese Container fleet currently ranks third in monetary terms with a value of USD 46 mil but is in sixth place when ranked by the number of vessels, indicating a modern fleet.
In 2025 alone, Taiwan, China ordered 63 Container vessels, 25 of these were from Evergreen Mariner who placed en bloc orders for New Panamax and ULCV vessels, which are scheduled to be built at various South Korean and Chinese yards and delivered between 2027- 2029.
Please note that the data is valid as of January 2026. Total fleet values in the top 10 shipowning nations and regions include the vessel types covered by VesselsValue: Bulker, Tanker, Container, Small Dry, LNG, LPG, OSV, OCV, MODU, Vehicle Carrier, Roro, Reefer, Renewable, Cruise.
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