- Liberia, Panama, and the Marshall Islands remain the top three flag States, collectively holding 46.5% of global capacity.
- Greece, China, and Japan continue to lead ship ownership, representing over 40% of the world’s fleet capacity.
- Flag-hopping and the growth of the “shadow fleet” surged amid rising sanctions and tighter regulations.
The latest Review of Maritime Transport 2024 by UNCTAD shows that the global flag state rankings remained largely stable with some shifts in position. As of 1 January 2025, Liberia, Panama, and the Marshall Islands continued to dominate as the leading flag States, accounting for 46.5% of total world capacity (in deadweight tons), 16.2% of the number of vessels, and 36.1% of the total fleet value.The top 10 flag States together represented 76.7% of global capacity, 38.9% of vessels, and 72.5% of fleet value. Most leading registries operate as open registers, accepting foreign-owned ships with minimal nationality requirements and offering competitive advantages to shipowners.
Liberia held the top position with a 17.4% capacity share, followed by Panama (15.2%) and the Marshall Islands (12.5%). Other popular registries — including The Bahamas, Cyprus, Malta, Singapore, and Hong Kong (China) — continue to attract global shipowners as maritime and logistics hubs.Among the top 10, Malta recorded the strongest growth in 2024, expanding by 10.4%, while The Bahamas, China, Greece, Marshall Islands, and Panama experienced modest declines in registered tonnage.
Meanwhile, the United States is reportedly exploring the establishment of an international shipping registry in the U.S. Virgin Islands, as part of efforts to expand its commercial fleet under the American flag.
Flag-Hopping and the Shadow Fleet
UNCTAD noted that flag-hopping activity intensified in 2024, with the average time between a ship facing sanctions and reflagging dropping by half in early 2025. Several smaller flag States have seen sudden growth, reportedly linked to the rise of the “shadow fleet”—older tankers with unclear ownership, limited inspections, and minimal insurance coverage.
These vessels often operate outside mainstream maritime frameworks to evade sanctions and high insurance costs. In response, the EU, UK, and U.S. introduced new restrictions in 2025 targeting this fleet, with around 3% of global gross tonnage affected by such measures by May 2025.This evolving dynamic may reshape global oil trade flows, encouraging refiners in Asia to seek supplies from Brazil, the U.S., and West Africa, potentially leading to longer voyage routes and higher tanker demand.
Top Ship-Owning Nations
By capacity, the top three ship-owning nations are Greece, China, and Japan, collectively controlling over 40% of the global fleet (in deadweight tons), one-third of all vessels, and 33.1% of fleet value.Overall, the top 10 ship-owning countries accounted for 67.3% of world fleet capacity and 65.6% of its total valueWhile Greece led by capacity (16.4%), China held the largest share by fleet value (12.4%). When combined with Hong Kong (China), China’s total ownership share rises to 20.2%, making it the leading ship-owning nation globally.
Other Notable Ship-Owning Countries
Japan and Singapore ranked third and fourth, owning 9.9% and 6.3% of global capacity, respectively.
Most major ship-owning nations register their fleets under foreign flags, though Hong Kong (China) remains an exception, with less than half its fleet registered abroad.Among European nations, Germany and the United Kingdom maintained their presence in the top 10, holding 3.0% and 2.4% shares of global capacity, respectively.
Meanwhile, African and Latin American countries continue to play only minor roles in global ship ownership.
Did you subscribe to our daily Newsletter?
It’s Free Click here to Subscribe!
Source: safety4sea
