SSMR Vol. 08: Over 55% of the global merchant fleet sails under an open flag

The largest flag registries are often based in small developing countries. Five of the ten largest flag registries in the entire merchant fleet are so-called open registries. 

The tonnage of the ten largest open flag registries currently stands at 1.30 billion dwt, which corresponds to 55% of the global merchant ship tonnage. Liberia alone accounts for 18.1% of the global merchant fleet. 

Approximately 5,400 ships fly the Liberian flag, while the second-ranked Panamanian fleet consists of just over 7,200 units. In comparison, China (ranked 6th) has around 7,500 registered merchant ships, and only 789 ships fly the Greek flag. 

However, the Panamanian flag recorded only comparatively low growth between 2021 and 2025 and actually lost tonnage compared to 2024, while the fleets registered in Liberia (+6.1%) and Malta (+7.6%) in particular grew significantly. In addition to Panama (-3.9%), the Marshall Islands (-1.2%) also lost tonnage. 

Approximately 36% of the global fleet is controlled by European shipowners, but only 16% sail under the flag of a European country. The three largest European ship registers by tonnage are the Madeira International Ship Register (MAR), the Danish International Ship Register (DIS), and the British Isle of Man Ship Register (IoM).

Another interesting fact, which is also evident in the adjacent figure, is that the PRC is among the top 5 flag states for general cargo ships, while SAR Hong Kong is among the top 5 flag states for tankers and container ships, and both are among the top 5 flag states for bulk carriers. This highlights once again China’s growing dominance in shipping and efforts to take a leading position in the most significant areas of the global economy and trade. Moreover, the fleet owned by Chinese shipowners has grown by more than 40% (120 million dwt) over the past five years, significantly outpacing the Greek fleet (8.0%) and the Japanese fleet in third place (1.7%).

The ISL SSMR 2025-8 provides comprehensive information on the leading shipping nations and can be ordered via the ISL web shop.