Gabon’s Remarkable Growth In Shipping Registry

Gabon, a small Central African nation on the Atlantic coast, has seen an extraordinary expansion in its shipping registry, making it the world’s fastest-growing registry. Last year, Gabon’s growth trajectory was impressive, but in the opening weeks of 2024, it has skyrocketed, doubling in size within just one month, says an article published on splash247 website.

Summary

• Gabon has experienced extraordinary growth in its shipping registry, becoming the world’s fastest-growing registry.
• The reflagging of a significant portion of the Sovcomflot fleet has notably contributed to this expansion, with Gabon’s flag increasing by 675% over two years, reaching 6.2 million gross tons.
• This surge has positioned Gabon as the second-largest registry in Africa, trailing only Liberia.
• The transition of approximately 50 Sovcomflot-linked tankers from the Liberian flag to Gabon’s flag between January and February has led to a doubling in Gabon’s registry size.
• Gabon’s flag features a tricolor design symbolizing the sea, particularly the South Atlantic Ocean.

Boost From Sovcomflot Fleet Reflagging

The growth of Gabon’s shipping registry has been significantly propelled by the reflagging of a considerable portion of the Sovcomflot fleet. Data from Clarksons Research indicates that since Russia’s full-scale invasion of Ukraine, Gabon’s flag has expanded by a staggering 675% over two years, reaching 6.2 million gross tons. This surge has positioned Gabon as the second-largest registry in Africa, following Liberia.

Transition From Liberian Flag

Between January and February, Gabon’s flag witnessed a remarkable doubling in size, primarily attributed to approximately 50 Sovcomflot-linked tankers transitioning away from the Liberian flag. The Liberian registry, headquartered in the US, has faced pressure from the US Treasury’s Office of Foreign Assets Control, prompting this shift.

Gabon’s Flag Symbolism

Gabon’s flag features a tricolor design with horizontal green, yellow, and blue bands, with the blue representing the sea, particularly the South Atlantic Ocean.

Challenges And Risks

Despite its rapid growth, Gabon’s registry has faced challenges and risks. For instance, one of the ships registered under Gabon’s flag was the Pablo, a 1997-built aframax, which tragically exploded in Malaysian waters in May the previous year, resulting in the loss of three crew members. This incident served as a stark reminder of the risks associated with the tanker fleet, particularly those involved in hauling Iranian oil.

Emergence Of Other Shipping Registries

In response to the growing “shadow fleet,” comprised of ships transporting cargoes from countries like Venezuela, Iran, North Korea, and Russia, other flags are emerging to accommodate these vessels. For instance, the Eswatini Maritime Affairs and International Ship Registry, formed as a private company in Singapore, registers ships to the landlocked southern African kingdom formerly known as Swaziland. Additionally, Indian backers of the Eswatini flag are exploring opportunities in Laos to create another shipping registry.

Conclusion

Gabon’s remarkable growth in its shipping registry reflects broader shifts in the maritime industry, particularly amidst geopolitical tensions and regulatory pressures. The emergence of alternative registries underscores the evolving landscape of international shipping, with nations adapting to accommodate changing demands and challenges.

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Source: splash247

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