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China, measured by gross tonnages, has surpassed Greece to become the world"s largest ship-owning country, according to information released by Shanghai-based China Shipowner"s Association on Saturday.

Citing data from the United Kingdom-based Clarkson Research, China"s ship-owning fleet currently has reached a total tonnage of 249.2 million GT, accounting for a market share of 15.9 percent, or about $180 billion in fleet value.

This is slightly higher than Greece"s ship-owning fleet of 249 million GT, with a market share of 15.8 percent, or valued at around $163 billion, said Clarkson Research"s study.

Japan ranks third with a fleet of 181 million GT, followed by South Korea and the United States, both at around 66 million GT.

GT is a nonlinear measure of a vessel"s overall internal volume. It is different from gross register tonnage.

Stephen Gordon, an analyst from Clarksons Research, said that China"s growth in ship fleet size should not come as a surprise, given its formidable cargo scale, well-developed shipbuilding industry and increasingly active financial sector.