Liberia has further expanded its dominance as the world’s largest ship registry by gross tonnage, according to the 2025 Lloyd’s List rankings. The updated list shows significant shifts among the top global flags, with Singapore making the biggest leap and Hong Kong experiencing a sharp decline. Overall, the top 10 registries continue to control more than three-quarters of global deadweight capacity.
Liberia Extends Its Lead as Panama Tightens Entry Rules
Liberia, which overtook Panama in 2023, reached nearly 300 million gt by November 2025 a 3.2% year-on-year increase. This widens its lead over Panama to almost 45 million gt, solidifying its position at the top. The registry continues to perform strongly, appearing in the top tier on both the Paris and Tokyo MoU white lists.
Panama, meanwhile, saw its total tonnage drop by 1.9% as it implemented stricter policies to remove higher-risk vessels. Notably, it no longer accepts tankers or bulk carriers over 15 years old, after finding that these older ships accounted for over 70% of detentions between 2023 and mid-2025. Although Panama remains on the Paris MoU grey list, it holds its white-list standing in the Tokyo MoU.
The Marshall Islands holds third place, with its fleet increasing by 1.9% to just under 200 million gt, maintaining a solid lead over rapidly growing Singapore.
Singapore Surges Ahead of Hong Kong as Global Registries Shift
Singapore is the standout performer of 2025, recording a remarkable 24.9% growth in gross tonnage under MPA chief Ang Wee Keong. This surge pushed Singapore into fourth place, overtaking Hong Kong. Much of the increase came from vessels re-flagging from Hong Kong due to a now-suspended U.S. port fee plan targeting China-linked ships.
Hong Kong suffered a 13.7% decline, falling to fifth place as major owners, including Seaspan, shifted ships to other registries to reduce geopolitical exposure.
Further down the rankings, Malta, China, and the Bahamas maintain their positions in sixth, seventh, and eighth place, respectively all showing modest growth and holding strong white-list standings. Japan climbed to ninth, growing 6.2% to 33.5 million gt, while Greece dropped to tenth after a 4.4% fall in tonnage.
UNCTAD estimates that Liberia, Panama, and the Marshall Islands jointly control about 45% of global carrying capacity, highlighting the continued influence of open registries.
The 2025 global flag rankings reflect a dynamic and shifting maritime landscape. Liberia’s continued rise, Panama’s regulatory tightening, and Singapore’s rapid expansion illustrate how geopolitical, regulatory, and commercial factors influence fleet registration. As shipowners react to market conditions and policy changes, the competition among the world’s top registries is set to intensify, shaping the future of global shipping.
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Source: New Republic
