Africa-Press – Liberia. Liberia has widened its lead as the world’s largest flag state by gross tonnage, according to the latest 2025 rankings released by Lloyd’s List. The annual listing, which covers vessels above 500 gross tons and excludes fishing vessels, places Liberia, Panama, and the Marshall Islands firmly in the top three positions. Notably, Singapore has leapfrogged Hong Kong to become the fourth-largest flag.
Together, the top 10 flag states now control more than three-quarters of global carrying capacity when measured in deadweight tonnage.
Liberia Expands Its Lead
Liberia, which reclaimed the top spot from Panama in 2023, continues to consolidate its dominance. As of November 1, 2025, the Liberian registry fields nearly 300 million gross tons—a 3.2% year-on-year increase—expanding its lead over Panama to almost 45 million gross tons. The flag remains in the highest performance tier on both the Paris and Tokyo port-state-control (PSC) white lists.
Government officials and sector stakeholders have welcomed the latest ranking, describing it as a major boost to national revenue, maritime credibility, and global influence.
“This is a huge economic win,” a maritime official noted, pointing to huge income generated annually through ship registration fees, inspection charges, taxes, and maritime certification services. “It strengthens the Liberia Maritime Authority’s position in the economy and reaffirms global confidence in the Liberian flag.”
Panama Tightens Entry Rules
Panama’s total tonnage slipped by approximately 1.9% after the registry began removing high-risk vessels and tightening entry criteria. In August 2025, the Panama Maritime Authority announced it would no longer accept tankers and bulk carriers more than 15 years old, citing internal data showing that vessels above that age accounted for more than 70% of detentions between 2023 and mid-2025.
Panama remains on the Paris MoU grey list but retains its white-list status under the Tokyo MoU.
Marshall Islands Holds Strong in Third
The Marshall Islands maintained third place with just under 200 million gross tons, representing a 1.9% annual increase. The gap with Panama has narrowed but remains around 60 million gross tons. The registry continues to perform strongly on both major PSC white lists and stays ahead of the rapidly expanding Singapore flag.
Singapore Surges to Fourth
Singapore recorded the most dramatic growth in the 2025 ranking. Under new Maritime and Port Authority chief Ang Wee Keong, the registry expanded by 24.9%, overtaking Hong Kong. Much of the surge stems from ships reflagging from Hong Kong due to a now-suspended U.S. port fee plan that would have imposed higher charges on vessels linked to China, including those flying the Hong Kong flag.
Singapore ranks among the top five on the Paris MoU white list and in the top three on the Tokyo MoU rankings.
Hong Kong Slips to Fifth
After modest growth in 2024, Hong Kong’s tonnage contracted by 13.7% in 2025, pushing it down to fifth place. Major shipowners, including Seaspan, shifted vessels to other registries—especially Singapore—to reduce exposure to regulatory and geopolitical risks.
Other Movers in the Top 10
Malta, China, and the Bahamas hold sixth, seventh, and eighth positions.
Malta grew 3.2% to nearly 89 million gt,
China edged up 0.5% to 83.5 million gt.
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