Shipping’s David and Goliath

The news that the Chinese-owned merchant fleet has surpassed the Greek-owned fleet in capacity, according to Clarksons Research, caused a temporary shock to the Greek and international shipping community, as Greek-owned shipping has been known as the largest in the world for decades.

However, as it turns out, the data concerned a fleet comparison based on gross tonnage (GT) and not on the more accurate measure of displacement tonnage (DWT), which demonstrates the real transport capacity of the ships. The Greek-owned fleet, therefore, remains the largest in transport capacity, according to UNCTAD.

Nevertheless, the report highlights the rapid growth of Chinese shipping in recent decades, as Beijing attempts to ensure the autonomy of maritime transport needed for its exports, for raw material imports for its industry and its energy security.

Comparing Greece and...