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Freight Transport by Sea in China - Market Research Report (2014-2029)

IBISWorld IBISWorld Beijing, China Last Updated: May 2024 5421

Revenue

$59.7bn

2024

$59.7bn

Past 5-Year Growth

Profit

$X.Xbn

Employees

289k

Businesses

791

Wages

$X.Xbn

Freight Transport by Sea in China industry analysis

The Freight Transport by Sea industry in China is mainly engaged in shipping exported items to their destination countries and territories from China and shipping imported items from other countries. Therefore, the industry's performance is extremely sensitive to the global economic climate as well as situation of China economy, as these determine the international trade between China and other countries.
China has been the largest country in goods trade since 2017. In 2023, total import and export value of goods in China reached $5.9 trillion, down by 5.0% from 2022, ranking the first in the world for seven consecutive years despite the decrease. Largest international trade scale has stimulated the demand for ocean shipping services. Industry revenue is expected to increase at an annualized 5.8% over the five years through 2024. This includes anticipated increase of 8.1% in the current year, to $59.7 billion, mainly due to the low freight rates.
The freight transportation volume by sea in China in 2020 and 2022 has increased by 0.6% and 2.2% year on year, mainly due to the repeated COVID-19 pandemic in China. However, the efficiency of global logistics turnover has decreased due to the prevention and control measures of COVID-19 pandemic. Freight rates have stayed high since the second half year of 2020 resulted by the serious congestions in some ports and short supply of container positions. Industry revenue realized year-on-year growth of 19.8% in 2020, 88.3% in 2021 and 13.4% in 2022. Freight rates have dropped dramatically in 2023, leading to a decrease in industry revenue, by 52.1% from 2022.
Industry revenue is forecast to rise at an annualized 8.1% over the five years through 2029, to $88.1 billion. The recovery of China's economy and the largest international trade scale between China and other countries will continue to support the industry growth. The implementation of RCEP will also stimulate international trade between China and member countries, and further promote the demand for ocean shipping services.

Trends and Insights

  • Stable economic growth supports industry growth. The stable growth of China’s economy has promoted the demand for ocean shipping services.
  • Dry bulk shipping is the main revenue source. China trades large amount of dry bulk cargo with other countries each year, supporting the demand for dry bulk shipping.
  • Industry operators are highly concentrated in coastal provinces. The coastal provinces are more economically developed and engage in greater international trade, and are advantageous to develop ocean shipping services.
  • Overall concentration level is high. The industry has a high level of concentration with top four major companies making up of 72.7% of industry revenue in 2024.

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  • Market estimates from 2014-2029
  • Critical performance data and rankings
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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 5.8 % over the past five years, to reach an estimated $59.7bn in 2024.

Trends and Insights

Stable growth of China's economy has promoted the demand for ocean shipping services

  • As a typical strong cycle industry, the development of freight transport by sea in China is closely related the growth of overall economy, especially the situation of international trade between China and other countries.
  • Additional trends and insights available with purchase
Freight Transport by Sea in China
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

The recovery of China's economy and largest international trade will promote future industry demand

  • The repeated COVID-19 pandemic has resulted in slower growth of China's economy, which was 2.2% in 2020 and 3.0% in 2022. Freight transportation volume by sea increased by 0.6% and 2.2%, respectively.

Biggest companies in the Freight Transport by Sea in China

Company
Market Share (%)
2024
Revenue ($m)
2024
China COSCO Shipping Corporation Limited
35,682.5
China Merchants Energy Shipping Co., Ltd.
4,233.8
SITC International Holdings Company Limited
2,733.6

To view the market share and analysis for all 9 top companies in this industry, view purchase options.

Products & Services Segmentation

Freight Transport by Sea in China
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Dry bulk shipping, Container shipping and Liquid bulk shipping. Dry bulk shipping is the largest segment of the Freight Transport by Sea in China.

Trends and Insights

Dry bulk shipping contributes the most to industry revenue

  • Dry bulk shipping refers to the ocean shipping service of large quantities of goods which can be easily handled and transported in bulk.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

Businesses in the Freight Transport by Sea industry provide cargo transportation services between China and other countries, and lease ocean-going freighters equipped with operators. This industry only includes businesses that make trans-oceanic journeys using ships made in China. Passenger delivery and coastal freight transportation are excluded from the industry.

What's included in this industry?

Dry bulk shipping Liquid bulk shippingContainer shipping

Companies

China COSCO Shipping Corporation LimitedChina Merchants Energy Shipping Co., Ltd.SITC International Holdings Company Limited

Purchase this report to view all 9 major companies in this industry.

Related Terms

CHINA CONTAINERIZED FREIGHT INDEX (CCFI)TWENTY-FOOT EQUIVALENT UNIT (TEU)DRY BULKLIQUID BULK

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

Stable economic growth supports industry growth. The stable growth of China’s economy has promoted the demand for ocean shipping services.

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Dry bulk shipping is the main revenue source. China trades large amount of dry bulk cargo with other countries each year, supporting the demand for dry bulk shipping.

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

Industry operators are highly concentrated in coastal provinces. The coastal provinces are more economically developed and engage in greater international trade, and are adva...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each region
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each region in 2024
  • Number and share of revenue each region accounts for in 2024
  • Number and share of wages each region accounts for in 2024
  • Number and share of employees in each region in 2024

Detailed analysis

  • Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Overall concentration level is high. The industry has a high level of concentration with top four major companies making up of 72.7% of industry revenue in 2024.

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

COSCO Shipping dominates the market. The largest operators in the industry, COSCO Shipping, holds a share of 59.7% of market.

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of China COSCO Shipping Corporation Limited's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of China Merchants Energy Shipping Co., Ltd.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of SITC International Holdings Company Limited's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 6 additional companies

Detailed analysis

  • Description and key data for China COSCO Shipping Corporation Limited, and factors influencing its performance in the industry
  • Description and key data for China Merchants Energy Shipping Co., Ltd., and factors influencing its performance in the industry
  • Description and key data for SITC International Holdings Company Limited, and factors influencing its performance in the industry
  • Description, key data and performance trends for 6 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

The industry is closely regulated by the Government. Domestic applicants must be licensed by the Ministry of Transport and by local transport authorities to start a business.

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Industry profitability fluctuates with freight rates. High freight rates in 2021 and 2022 resulting from the COVID-19 pandemic have pushed up the industry profit margins sign...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Freight Transport by Sea industry in China in 2024?

The market size of the Freight Transport by Sea industry in China is $59.7bn in 2024.

How many businesses are there in the Freight Transport by Sea in China industry in 2024?

There are 791 businesses in the Freight Transport by Sea industry in China, which has grown at a CAGR of 0.6 % between 2019 and 2024.

Has the Freight Transport by Sea industry in China grown or declined over the past 5 years?

The market size of the Freight Transport by Sea industry in China has been growing at a CAGR of 5.8 % between 2019 and 2024.

What is the forecast growth of the Freight Transport by Sea industry in China over the next 5 years?

Over the next five years, the Freight Transport by Sea industry in China is expected to grow.

What are the biggest companies in the Freight Transport by Sea market in China?

The biggest companies operating in the Freight Transport by Sea market in China are China COSCO Shipping Corporation Limited, China Merchants Energy Shipping Co., Ltd. and SITC International Holdings Company Limited

What does the Freight Transport by Sea in China include?

Dry bulk shipping and Liquid bulk shipping are part of the Freight Transport by Sea industry.

Which companies have the highest market share in the Freight Transport by Sea in China?

The company holding the most market share in China is China COSCO Shipping Corporation Limited.

How competitive is the Freight Transport by Sea industry in China?

The level of competition is moderate and increasing in the Freight Transport by Sea industry in China.

Related Industries

Widen your competitive advantage with related industries

Competitors

  • Freight Rail Transport in China
  • Freight Trucking in China

Complementors

  • Harbor & Port Operations for Freight in China

International industries

  • Global Deep-Sea, Coastal & Inland Water Transportation
  • Ocean & Coastal Transportation in the US
  • Ocean & Coastal Transportation in Canada
  • Water Freight Transport in Australia
  • Water Freight Transport in New Zealand

View all industries in China

Methodology

How are IBISWorld reports created?

IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.

Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

What data sources do IBISWorld analysts use?

Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

Key data sources in China include:

  • National Bureau of Statistics China
  • General Administration of Customs
  • People’s Bank of China

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

How does IBISWorld forecast its data?

IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

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