The Maritime Giants: Top 10 Flag States of 2025

The global shipping industry is concentrated among a handful of major flag States. As of January 2025, the top 10 flag States account for 76.7% of total world capacity and 38.9% of all vessels. Leading the way are Liberia, Panama, and the Marshall Islands, which together hold 45.1% of global capacity in dead weight tons.

Many of these are open registers that allow foreign-owned ships to operate under their flags with minimal nationality restrictions and financial advantages. Liberia tops the list with 17.4% of capacity, followed by Panama at 15.2% and the Marshall Islands at 12.5%. Other key maritime hubs include The Bahamas, Cyprus, Malta, Singapore, and Hong Kong, China.

In 2024, Malta’s register records the largest growth at 10.4%, while The Bahamas, China, Greece, the Marshall Islands, and Panama experience slight contractions. These trends highlight the dynamic nature of global shipping, where open registries and competitive advantages continue to shape the balance of maritime power.