- Liberia has coveted the second spot as the largest ship registry in the world – attributed to an agreement between China and the Liberian registry.
- It offers huge cost savings under the historic agreement on port dues with the People’s Republic of China.
- In 2018, the detention rate for Liberian-flag ships is down significantly in key jurisdictions.
- The low detention has been attributed to the success of Liberia’s complimentary Detention Prevention Programme.
According to shipping analyst Clarksons Research, Liberia has claimed the title of second-largest ship registry in the world.
Change of tide
According to Liberian International Ship & Corporate Registry (LISCR) chief commercial officer, Alfonso Castillero, a key driver is the agreement on port dues between China and the Liberia registry.
Mr.Castillero commented that the owners and managers have also been shifting their fleets to Liberia because of the huge cost savings available under the historic agreement on port dues with the People’s Republic of China. This agreement, which was recently renewed, can result in savings to owners of millions of dollars.
Low detention rate
Compared to other flags, the detention rate for Liberian-flag ships is down significantly in key jurisdictions in 2018, especially in areas like China, where other flags experienced an increase in their detention rates. This was due in no small part to the success of Liberia’s complimentary Detention Prevention Programme, the first of its kind developed by a flag state.
The Liberian fleet is touted as the fastest-growing major open flag in both the shipping and offshore sectors in 2018, and currently has a growth rate of 8% – more than twice that of most other open flags.
Did you subscribe for our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Tanker Shipping & Trade
