The Greek-owned merchant fleet continues to be a leader in terms of value, according to Vessels Value, the online service that specializes in ocean-going ship valuations. Greek assets are worth an estimated $105.65 billion, above the combined fleets of traditional European shipping powers, the United Kingdom, Germany and Norway.

The figures show that the Greek fleet’s value has increased by 4.5% compared to last year, indicating that efforts to enlarge and modernize Greek shipping have paid off.

Japan is in second place, whose fleet is valued at $89.75 billion (up 0.7% from last year) and China is third with a value of $72.67 billion (down 2.6%). The combined value of the global fleet is estimated at $680.4 billion, up 3.2 % from last year.