In the shipping sector, a Flag State refers to a nation where shipowners or shipping companies get their commercial ships or recreational vessels registered. Hence, the registered vessels have to carry the flag of that state.
The vessel is then bound to the rules and regulations of the state’s maritime authority in terms of legal disputes, protections, tax payments and other benefits.
In this article let us have a look at the largest flag states in the world.
1. Liberia International Ship and Corporate Registry
The Liberian Registry has overtaken Panama to become the world’s largest ship registry. It has a prominent record of combining the highest safety standards for ships and crews with the highest levels of responsive service to owners, making it the fastest-growing Flag State with more than 271 million Gross Tons, giving Liberia 16.39% of the world’s market share.
There are over 5000 ships registered under the Liberian Flag. It
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