Monrovia – Liberia has widened its lead because the world’s largest flag state by gross tonnage, in response to the most recent 2025 rankings launched by Lloyd’s Listing. The annual itemizing, which covers vessels above 500 gross tons and excludes fishing vessels, locations Liberia, Panama, and the Marshall Islands firmly within the high three positions. Notably, Singapore has leapfrogged Hong Kong to change into the fourth-largest flag.
Collectively, the highest 10 flag states now management greater than three-quarters of worldwide carrying capability when measured in deadweight tonnage.
Liberia Expands Its Lead
Liberia, which reclaimed the highest spot from Panama in 2023, continues to consolidate its dominance. As of November 1, 2025, the Liberian registry fields almost 300 million gross tons—a 3.2% year-on-year improve—increasing its lead over Panama to nearly 45 million gross tons. The flag stays within the highest efficiency tier on each the Paris and Tokyo port-state-control (PSC) white lists.
Authorities officers and sector stakeholders have welcomed the most recent rating, describing it as a significant enhance to nationwide income, maritime credibility, and international affect.
“This can be a enormous financial win,” a maritime official famous, pointing to very large revenue generated yearly by means of ship registration charges, inspection costs, taxes, and maritime certification companies. “It strengthens the Liberia Maritime Authority’s place within the economic system and reaffirms international confidence within the Liberian flag.”
Panama Tightens Entry Guidelines
Panama’s whole tonnage slipped by roughly 1.9% after the registry started eradicating high-risk vessels and tightening entry standards. In August 2025, the Panama Maritime Authority introduced it might now not settle for tankers and bulk carriers greater than 15 years previous, citing inner information displaying that vessels above that age accounted for greater than 70% of detentions between 2023 and mid-2025.
Panama stays on the Paris MoU gray record however retains its white-list standing underneath the Tokyo MoU.
Marshall Islands Holds Robust in Third
The Marshall Islands maintained third place with slightly below 200 million gross tons, representing a 1.9% annual improve. The hole with Panama has narrowed however stays round 60 million gross tons. The registry continues to carry out strongly on each main PSC white lists and stays forward of the quickly increasing Singapore flag.
Singapore Surges to Fourth
Singapore recorded essentially the most dramatic development within the 2025 rating. Underneath new Maritime and Port Authority chief Ang Wee Keong, the registry expanded by 24.9%, overtaking Hong Kong. A lot of the surge stems from ships reflagging from Hong Kong attributable to a now-suspended U.S. port charge plan that might have imposed increased costs on vessels linked to China, together with these flying the Hong Kong flag.
Singapore ranks among the many high 5 on the Paris MoU white record and within the high three on the Tokyo MoU rankings.
Hong Kong Slips to Fifth
After modest development in 2024, Hong Kong’s tonnage contracted by 13.7% in 2025, pushing it right down to fifth place. Main shipowners, together with Seaspan, shifted vessels to different registries—particularly Singapore—to scale back publicity to regulatory and geopolitical dangers.
Different Movers within the High 10
Malta, China, and the Bahamas maintain sixth, seventh, and eighth positions.
Malta grew 3.2% to just about 89 million gt,
China edged up 0.5% to 83.5 million gt,
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