1.

Greece
The Greek fleet has increased its total value by over $5 billion in one year. This is the
second biggest increase in value for any of the top 10 shipping nations. The total asset
value of the Greek owned fleet has topped $100 billion, a significant milestone.

The increased fortune comes from growth in LNG ordering and a tanker value uptick.
Greece has moved into pole position as owning the highest valued LNG fleet in the
world, up from $13 billion at the start of 2018 to $18.4 billion. This puts Greek owners
ahead of Japan, whose fleet comes in second at $15.2 billion.

Their biggest loss comes in from the mobile offshore drilling unit (MODU) sector, with
George Economou’s drill ship sell off and lower asset values overall which have
depressed the net value.

2. Japan
Japan remains in second place of the top owning countries. The rebound in bulker
values was the largest boost to the end of year fleet valuation, followed by tankers and
LNG carriers. Japan based companies saw the largest addition of value from LPG
carriers, a segment in which many other nations saw an erosion of value.

3. China
The Chinese fleet has seen the largest increase in value for any of the top 10 highest
valued fleets. An additional $6.3 billion has been added, bringing up the total fleet value
to just over $90 billion. At the same time, they suffered the largest drop in total container
fleet value.

China has been responsible for much of the incremental demand in LNG consumption,
so it's not surprising to see companies based here see a significant increase in value in
this market. Asset values surged in line with spot and term market returns.   

COSL leads the way on the offshore front, owning the fourth highest number of vessels
in the world and sixth most valuable. The Chinese government owns the next highest at
52 with a much lower value of $332.6 million. Tianjin Offshore owns the second most
valuable fleet of $1.085 billion.

Continuing the trend from last year, China has increased its standing from third to
second for most vessels on order, however in terms of offshore, the country is in fifth
position. This is most likely due to its oversupply hangover after the crash in 2015/16.

4. Singapore
Singaporean owners have jumped up a spot into fourth place, increasing their fleet
value by $3.1 billion. They now sit comfortably above the U.S. and Norway yet are a
long way from a podium position. The majority of their increase comes from their
container growth, most notably attracting the Japanese container liner merger ONE to
locate to Singapore.

Ownership of offshore vessels continues to be spread more evenly across the key
regions with a high presence in the Mexican Gulf and West Africa, and a small presence
in the North Sea. The highest concentration of these vessels remains in South East
Asia and the Middle East.

5. Norway
Norway maintains pole position as the number one home for offshore assets. Over $20
billion in assets puts it above U.S.-based owners, who clock in at almost $17 billion. The
country maintains a sizeable presence in the tanker markets as well.

Despite Solstad’s troubles, its offshore prestige is still reflected by its ownership of the
world’s second most valuable fleet of AHTS and third most valuable fleet of PSVs,
despite having the sixth highest in number.

6. United States 
U.S. exposure to the offshore markets, which have suffered further asset value
declines, has knocked the nation down to sixth place in terms of corporate ownership.

One major contributing factor to their declining asset value is that the country has the
highest number of offshore vessels aged 15 years and older. This percentage of old,
potential scrap candidates will have a negative effect on overall asset value.

7. Germany
Germany’s fleet continues to contract year on year, with the majority of this year’s woes
coming from their container vessel types. Down a further $1.7 billion, their container
fleet continues to shrink from high seller and demolition activity. China now takes the
lead as the highest valued container fleet owner, cinching the crown with $17.3 billion
versus Germany’s $16.4 billion fleet.

8. South Korea
It has been a very positive year for South Korean owners who have increased their fleet
value by over $5 billion in the three largest markets of bulkers, tankers and container
ships. Container ship assets comprised over $3 billion of the value added. One
interesting trend is the decline in LNG asset values held by Korean owners, which is
due in part to the removal of some older, steam powered units from service.

9. United Kingdom
The U.K. slips down a notch from its 2018 slot to ninth place. The ownership by
segment is diverse, and no one flagship market decline is responsible for the drop.
There could be some risk aversion ahead of the country’s planned exit from the E.U.
that is driving investment to other locales.

10. Denmark
The Danish fleet is heavily dependent on the container markets, but this segment saw
little volatility, adding modestly to the net value under the Danish masthead. However,
weakness in clean tanker asset values dragged down the total value of the fleet. The
country clings to its top 10 ranking though.