China has overtaken Japan as the country with the world's highest national fleet value, according to VesselsValue.

The Chinese-owned fleet is worth $191bn, the ship valuation company said, due mainly to the impact of the boxship boom on containership values.

"China owns the largest number of containers and, consequently, the recent surge in rates and values has moved them up the ranks to top spot in terms of fleet value," said VesselsValue cargo analyst Olivia Watkins.

The value of the Chinese fleet had also been boosted by a rush of containership newbuilding orders.

"The increase in rates has also prompted an ordering spree across the container sector, as owners' confidence in the market exploded," she said.

Chinese companies including Orient Overseas Container Line, SITC International Holdings and Cosco Shipping have been behind 46% of the 516 containerships ordered this year, according to VesselsValue.

VesselsValue estimates that the Japanese fleet is worth $187bn, rising by $70bn since the start of the year, as bulk carrier, LPG and vehicle carrier assets increased in value.

Investment in 26 high-specification dual-fuelled car carriers has also boosted the value of the fleet.

Greece is third with a fleet valued at $145bn, increasing from $93.2bn at the start of the year.

The country's strength in the tanker market has limited asset value growth compared with other countries.

Greek asset values have been helped by an increase in newbuilding prices this year.

The Greeks have also benefited from record highs in LNG carrier rates.

"Greece is also the owner of the most valuable LNG fleet. With current spot rates soaring, the value of their fleet has increased by $2bn since the beginning of the year," Watkins said.

The US is fourth in the rankings, with an owned fleet valued at $96bn, based mainly on a valuation of its cruiseship fleet.