By the year 2030, China will be the world’s top shipping nation, according to a report released earlier this month by the Shanghai International Shipping Institute (Sisi).
The 2030 China Shipping Development Outlook report noted that by 2030 China’s total international shipping volume would reach 6.2 billion tonnes, which would account for 17% of the world’s shipping volume.
It added that the growth rate for iron ore and coal demand would slow down and demand for grain and oil import would increase substantially.
According to Sisi, export and import container volumes will reach 200 million TEUs and the growth of the bulk carrier fleet and tanker fleet will be faster than that of the container vessel fleet in the next 15 years.
Bulk carriers, tankers and containerships will account for 70%, 18% and 9.5% of China’s shipping fleet respectively.
China is also expected to overtake Greece in terms of total fleet capacity by 2030. China’s ship financing will account for 30% of the world’s volume, the report said.