spot_imgspot_img
Thursday, June 20, 2024

LIBERIA LIKELY TO BEAT PANAMA’S 30-YEAR SHIP REGISTERED RANKING MARKET LEAD EARLY NEXT YEAR

Date:

The Liberian Registry has edged within 10m-gt of the world’s long-established largest flag Panama and appears to be on course to grab the top spot next year.

The Liberian flag has grown by 9.4% this year to 227.2m gt, according to broker Clarkson’s latest World Fleet Monitor report.

Liberian Registry makes a return to US Coastguards Qualship.

Panama has grown 3% this year and has 237.3m gt on its books.

Since the end of last year, Liberia has added 20m gt to its ship register and Panama 7m gt.

Panama’s dominant position as the world’s leading flag has been unchallenged since it took the lead in 1993. If the current rate of Liberia’s growth is maintained, it could take over from Panama by early next year.

Liberia’s growth has only been surpassed this year by the South Korean national flag — shipping’s 16th largest ship register — which has grown by 11.1%.

Liberia’s growth is also significantly outpacing that of the world fleet which increased by 2.6% overall in 2022.

Although Panama is losing market share in terms of tonnage it still has the largest number of ships with 8,199 vessels on its books, compared to 4,691 at Liberia.

Those which also seem to be losing market share include Hong Kong International Ship Register, which has fallen by 2.3%, and the Greek national flag by 2.2% this year.

Recently Liberia, and also the third largest flag state the Marshall Islands, have been successful in winning business from Panama’s largest customer base in Japan.

As shipowners have put increased emphasis on quality in recent years, Liberia and the Marshall Islands have been able to offer white-list status at the Paris MOU and Tokyo MOU port state control regions, and also US Coast Guard Qual Ship approval.

Cyprus loses Qualship 21 status as Greece takes its place

Such recognition significantly reduces the chances of a vessel being inspected during a port call.

The Liberian Registry’s growth has come under the management of the Liberian International Ship and Corporate Registry (LISCR), headed by chief executive Alfonso Castillero.

Liberia’s rate of growth indicates that the long-running gradual consolidation of the world fleet into the three leading open registers is continuing.

Panama, Liberia, and the Marshall Islands register more than half the world fleet by volume. Their combined fleet amounts to 648.7m gt out of a total world fleet of 104.2m gt.

The top ten flag states now account for 76% of the world fleet, according to Clarkson’s figures.

smartnews
Smart News Liberia is an online news outlet and a product of Smart Media Group Inc. Our website, smartnewsliberia.com, covers a broad spectrum of news content. For inquiries or information, you can reach us at 0777425285 or 0886946925, or email us at smartnewsliberia@gmail.com or info@smartnewsliberia.com.

LATEST DEVELOPMENT

THE SENATE’S EXTRAVAGANCE AMID ECONOMIC DESPAIR

The recent Senate retreat in Buchanan, Grand Bassa County,...

LIBERIA’S LEGAL SYSTEM UNDER SIEGE: THE UNPUNISHED CRIMES OF MARIA LUYKEN

In October 2020, the Criminal Court ‘B’ at the...

COMMUNICATIONS MISHAP: A SIGNIFICANT EMBARRASSMENT TO THE PRESIDENCY

The recent debacle surrounding the Unity Party government's conflicting...

COMMENTARY

NO, SPEAKER KOFFA, I DISAGREE WITH THE DEFENSE OF LAWMAKERS

By Wondah L. Jah In a recent public statement, Grand...

COMMEMORATING THE 80TH ANNIVERSARY OF D-DAY: A DEFINING MOMENT IN HISTORY

Eighty years ago, on June 6, 1944, the course...

THERE SHOULD BE NO BIG DEAL WHEN A GOVERNMENT DOES WHAT IT WAS ELECTED FOR…

A Patriot's Diary  With Ekena Nyankun Juahgbe-Droh Wesley  President Joseph Boakai's...

LATEST NEWS

EMBATTLED LACC CHAIRMAN PETITIONS SUPREME COURT TO REJECT SOME PROVISIONS OF AMENDED ANTI-CORRUPTION ACT

LIBERIA – The Executive Chairperson of Liberia Anti-corruption Commission...

LIBERIA’S NEW PRESIDENT IS DOING THE RIGHT THING. WASHINGTON SHOULD HELP HIM

By Michael Rubin The ties between the United States and Liberia...

Share post:

EXCLUSIVE INTERVIEW

OPINION

ELEVATING THE AG BIBLE COLLEGE TO A UNIVERSITY: A MILESTONE ACHIEVEMENT

By Jacob N.B. Parley After many years of successful preaching...

THE DILEMMA OF PRESIDENTIAL SUPREMACY IN LIBERIA: EXAMINING THE BALANCE OF POWER

By Dr. Clarence R. Pearson, Sr. Superior presidency is the...

LACK OF TRANSPARENCY IN UP-LED GOVERNMENT’S DEAL RAISES SERIOUS CONCERNS

In a shocking and controversial move, the Unity Party...

THE PERILS OF PRAISE SINGING: HOW JOURNALISTIC INTEGRITY IS ESSENTIAL FOR ACCOUNTABILITY IN LIBERIA

Journalists play a crucial role in holding public officials...

THE GALLERY

spot_imgspot_img

MORE ARTICLES

spot_imgspot_img

MORE NEWS

LATEST DEVELOPMENT NEWS

LATEST CRIME NEWS

Share via
Copy link