• Liberia remains the largest registry by gross tonnes and has increased the gap from second-placed Panama

• Singapore surpasses Hong Kong as the latter loses tonnage to the former over now-suspended US port fees

• Japan climbs up the rankings to ninth-largest registry at the expense of Greece

Liberia retains its spot as the largest flag state by gross tonnes and increases the gap from Panama; Singapore grows a massive 24% to overtake Hong Kong in fourth place according to Lloyd’s List Despite of  it is shipping companies that have primary responsibility for the safe operation of their ships and the safety and welfare of their crews, the flag state plays a critical role with regard to the safety of life at sea and the protection of the marine environment. It is the flag state that has overall responsibility for the implementation and enforcement of international maritime regulations for all ships ‘flying its flag’. Effective regulation by governments of the technical and social aspects of shipping is therefore vital to ensure safe, secure and pollution-free ship operations and good employment conditions for seafarers.

01 / Alfonso Castillero, Liberian Shipping and Corporate Registry

Liberia retained its role as the largest flag state, a title it has held since taking the crown from Panama in 2023 where the registry, led by chief executive Alfonso Castillero, boasted almost 300m gross tonnes as of November 1, 2025 — a 3.2% increase since the same time in 2024.It has also increased the gap from second-placed Panama to almost 45m gt.

That growth is notable as it comes against the backdrop of a growing shadow fleet*, which draws vessels from mainstream trades and registries into small and often fake ones.I n June, Liberia earned rare praise from US pressure group United Against Nuclear Iran for its “world-class compliance programme”, after concluding that the country’s fleet was clean of any tankers suspected to be involved in Iranian oil trades..

Liberia remained in the top-tier White Lists of both the Paris and Tokyo Memorandum of Understandings on Port State Control, an annual ranking that examines registries’ safety records on a rolling three-year period (2025’s ranking assesses the period between 2022-2024).

02 / Ramon Franco, Panama Maritime Authority

Ramon Franco took the reins at the Panama flag as the registry was undergoing a cull of shadow fleet tonnage following mounting US pressure — a process that has continued under his watch that the second-largest registry announced in August 2025 that it would cease accepting tankers and bulk carriers more than 15 years of age, a move that seemed to be aimed to reducing accident-prone vessels and shadow fleet tankers.

Panama explained that the regulation was adopted after the General Directorate of Merchant Marine found that more than 70% of detentions between 2023 and 1H25 were by bulk carriers, general cargo vessels and tankers older than 15 years. Meanwhile, its removal of Iranian shadow fleet tonnage earned praise from Louis Sola, the now-former chairman of the US Federal Maritime Commission.

Amid the cull of sanctioned and non-sanctioned shadow fleet tonnage and the newly imposed age limits, it is perhaps unsurprising that Panama’s fleet shrank by a modest 1.9%. Panama remained in the Grey List of the Paris PSC MOU and the White List of the Tokyo PSC MOU in their annual rankings

03 / William (Bill) Gallagher, IRI Marshall Islands Registry

William Gallagher has been leading the Marshall Islands registry for more than 25 years, having first joined it in 1991. Since 2024’s rankings, the world’s third-largest registry by gross tonnes grew 1.9% to almost 200m gt. That growth has helped the Marshall Islands close the gap on second-largest registry Panama, although there is still about 60m gt between them.

The Marshall Islands is still also comfortably ahead of Singapore, whose substantial growth led it to overtake Hong Kong as the fourth-largest registry. The Marshall Islands remained in the top-tier White Lists of both the Paris and Tokyo MOUs during 2025

04 / Ang Wee Keong, Maritime and Port Authority of Singapore

Ang Wee Keong took over from Teo Eng Dih as the head of the Maritime and Port Authority of Singapore earlier in 2025, which has seen a period of explosive growth for the flag registry. Singapore is this year’s biggest gainer, adding a huge 24.9% gt to its fleet since 2024’s rankings, and overtaking Hong Kong to claim the number four spot.

Much of that growth was driven by a tonnage exodus from Hong Kong to Singapore in the build-up to the now-suspended US port fee plan, which would have seen Hong Kong-flagged vessels forced to pay when calling the US. Singapore was ranked fifth highest in the Paris MOU White List in 2025, and third in the Tokyo MOU White List.

05 / Wong Sai-fat, Hong Kong Ship Register

After experiencing moderate growth in 2024, Hong Kong (HKSR)  saw a mass exodus of tonnage in 2025, mostly linked with shipowners seeking to avoid US port fees. While the port fee plan has been suspended for a year, the impact on Hong Kong’s ship register is expected to linger. A loss of 13.7% of its fleet since 2024 — including some prominent shipowners like Seaspan — has seen it fall below Singapore to fifth place in 2025’s rankings. But Hong Kong is already planning moves to boost its competitiveness.

Transport Secretary Mable Chan told Lloyd’s List on the sidelines of Hong Kong Global Maritime Trade Summit 2025 that the government is planning to introduce “a number” of legislative amendments, with the most important one being a measure that will allow dual flag registrations. Hong Kong was ranked 11th in the Paris MOU White List in 2025, and second in the Tokyo MOU White List.

With more than 2300 ships that aggregate some 128 million gross tonnage, the Hong Kong Shipping Register (HKSR) is the fourth largest register in the world in terms of gross tonnage. It is also renowned for the good quality of the Hong Kong registered-ships. HKSR are constantly included in the white list of the Paris MoU, the Tokyo MoU and the USCG Qualship 21.

The Register is operated by the Government of the Hong Kong Special Administrative Region, China, through the Marine Department which has over 150 years of experience in ship registration, inspection and survey. A Hong Kong registered ship shall comply with international standards including safety and protection of marine environment.

06 / Ivan Tabone, Malta Ship Registry

Malta, led by registrar general of shipping and seamen Ivan Tabone since 2023, maintained a healthy growth trajectory, growing 3.2% in 2025’s rankings. Malta is one of only two European flags among the top 10 registries, with Greece being the other. It is noteworthy that Malta's Geraldine Spiteri Lucas has been appointed President of the Corporate Registers Forum, the global association of corporate registries, with over 70 corporate registries across the globe sharing best practices to raise standards within the sector. 

As of November 1, 2025, Malta’s fleet stood at just under 89m gt, about 5m gt above seventh-placed China, while about 26m gt separated it from fifth-placed Hong Kong. Malta remained in the White Lists of both the Paris MOU and Tokyo MOU in the 2025 rankings.

Maltese legislation permits shipbuilders or owners to register various types of vessels, from super yachts to barges and oil rigs. Generally, trading ships aged 25 years and older are not eligible for registration. Ships aged 20 to 25 years require inspection by an authorized flag state inspector before provisional registration. Similarly, ships aged 15 to 20 years must undergo inspection either before or within one month of provisional registration.

07 / Fu Xuyin, China Maritime Safety Administration

China’s fleet has grown marginally since 2024’s rankings, expanding by 0.5% to 83.5m gross tonnes. China’s Maritime Safety Administration is led by Fu Xuyin, who also serves as the vice-minister of transport.

The registry maintained its spot as the seventh-largest flag by gross tonnes in 2025, with the distance from sixth-placed Malta standing at about 5.5m The Chinese flag had the strongest performance in the Tokyo MOU rankings in 2025, while reaching 14 in the Paris MOU White List.

In 2020, the Chinese flag recorded a 4.8 per cent growth worth 61 million gross tonnes as per Lloyd’s List Intelligence data. It was the third fastest-growing registry due to the rapid increase in the number of ships registered in its commercial fleet totalling 5130 by the end of 2020. However, it failed to qualify for the Qualship event of 2021. It has a market share of 5.39%.

08 / Dwain Hutchinson, Bahamas Maritime Authority

The Bahama Maritime Authority’s tonnage grew by a moderate 1.5% in 2025, putting its fleet at 62.4m gt. It is a sizeable distance from both seventh-placed China (18m gt) and ninth-placed Japan (32m gt). Capt Dwain Hutchinson has been serving as the BMA’s chief executive and managing director since 2019, and has been at the registry for more than two decades.

In November 2025, the BMA announced a partnership with IDsure, a digital credential platform, to “enable the secure issuance of Seafarer Record Books and Competency Certificates”.It called the collaboration a “significant step” in its “ongoing digital transformation” that will enhance efficiency and transparency. The registry was ranked in the White Lists of both Paris and Tokyo MOUs.

The Bahamas has a diverse and varied portfolio of ships registered across a range of market sectors. The registry has developed an in-depth knowledge and understanding of each sector’s specific needs. 

Perhaps best known for its world class cruise fleet, in fact passenger ships make up just 11% of ship numbers on the Bahamas Register. General cargo accounts for 15%, tankers 12% and bulk carriers 16%. The Bahamas is also proud of its technical expertise in supporting the offshore industry – offshore oil and gas support vessels alone account for 17% of the vessels registered with the Flag

09 / Keita Arakaki, Japan Ministry of Land, Infrastructure, Transport and Tourism, Maritime Bureau

Japan’s tonnage grew an impressive 6.2% year over year in 2025, which, when coupled with a decline in Greece’s tonnage, moved Japan up to ninth place in the top 10 rankings. The Japanese flag has been growing steadily since 2021 and, as of November 1, 2025, its fleet stood at 33.5m gt. The Maritime Bureau welcomed a new director-general earlier this year, Keita Arakaki.

In a recent interview with the Japan Times, he emphasised the importance of the country’s maritime and shipbuilding sectors to its national security, and discussed the challenges of decarbonisation. Arakaki will no doubt be pleased with the performance of the Japanese flag in the annual Tokyo and Paris MOU rankings, where the registry was ranked fifth and 10th, respectively.

10 / Andreas Spanos, Greece Ministry of Maritime Affairs and Islands Policy

Greece’s fleet continued shrinking in 2025, with figures as of November 1 showing a 4.4% year-over-year decline.The continued tonnage drop coincided with considerable growth for Japan, which leapfrogged Greece to become the ninth-largest flag, leaving the European island nation as the smallest of the top 10 flags. However, the gap between the two is not large, standing at only 1.1m gt.

Capt Andreas Spanos has served as the director for shipping with the Greece Ministry for Maritime Affairs and Islands Policy since 2023.He has also previously served as the maritime attaché in the Consulate General of Greece in New York, and as the head of the shipping policy unit. While the continued shrinkage of its fleet may be a concern, Greece can take comfort that its registry still ranks in the White Lists of both the Paris MOU and Tokyo MOU.

Greece has two major fleets: the powerful Hellenic Navy, a modern military force with frigates, submarines, and missile boats for national defense, and the world-leading Greek Merchant Marine, the largest shipowning nation globally, controlling a massive fleet of commercial vessels (tankers, bulk carriers, container ships) that drives its economy and secures global supply chains. The Merchant Marine, with over 5,500 ships, dominates global shipping, while the Navy actively modernizes with new acquisitions like FDI frigates. 

It is noteworthy that This list is part of the Lloyd’s List One Hundred People 2025 (Edition 16) that will be published from December 8

The Top 10 flag states ranking is based on gross tonnage data supplied by Lloyd’s List Intelligence. It includes all vessel types above 500 gt, excluding fishing vessels

Related : Liberia strengthens top flag position in the world

Source : Lloyd’s List + Other sources 

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