According to the November 1, 2025 edition of Clarksons Research’s World Fleet Monitor, global flag state rankings underwent significant changes driven by geopolitical pressures, sanctions, and shifting industry preferences. The most notable development was Singapore overtaking Hong Kong after opposite trends in fleet growth and decline. At the same time, the rapid rise of shadow-fleet activity and extreme levels of flag-hopping reshaped smaller registries such as Benin. These trends reflect a turbulent year for global shipping, influenced by sanctions, trade tensions, and evolving market dynamics.
Major Flag Registry Changes in 2025
Singapore Overtakes Hong Kong
The Hong Kong flag registry experienced a sharp 12.6% decline in 2025, signalling a reduced preference among shipowners. In contrast, Singapore saw a 24.7% surge, allowing it to surpass Hong Kong in the global flag state rankings. The shift represents changing operator confidence, regulatory preferences, and geopolitical pressures affecting the Hong Kong shipping ecosystem.
The Benin Registry’s Explosive Growth
One of the most dramatic developments was the nearly 50,000% expansion of the Benin flag registry. This extraordinary surge was driven largely by ships connected to Iranian-linked trade, using Benin as a means to evade international sanctions. This pattern is part of the broader rise in “flag-hopping,” where vessels frequently switch registries—often to obscure ownership or bypass restrictions.
Market Trends Shaped by Geopolitics and Sanctions
Strong Containership Newbuilding Orders
While overall global shipbuilding activity in 2025 was moderate compared to 2024, container vessel orders remained exceptionally strong. This reflects continued demand from major liner companies investing in capacity, efficiency, and future fuel technologies.
Shadow Fleet Growth and False Flagging
The World Fleet Monitor highlights a continued rise in the shadow fleet—vessels operating to circumvent sanctions, often using false, expired, or unregistered flags. These ships frequently change flags to avoid detection, contributing to unprecedented levels of registry volatility worldwide.
Geopolitical Pressures Increasing Market Volatility
Ongoing U.S.–China trade tensions also shaped market conditions. Temporary spikes in port fees and uncertainty in trade routes influenced vessel deployment strategies and registry decisions, further contributing to the shifting flag state landscape.
The 2025 global fleet data reveals a maritime sector undergoing rapid transformation. Singapore’s rise, Hong Kong’s decline, and Benin’s extreme expansion showcase how regulations, geopolitics, and sanctions shape flag-state preferences. With containership newbuilding orders strong and shadow-fleet activity at record levels, the industry faces a complex environment where compliance, stability, and transparency have become more critical than ever.
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Source: LinkedIn
