Liberia Widens Lead as World’s Top Ship Registry

Published: September 28, 2026

MONROVIA — Liberia has extended its lead as the world’s largest ship registry to more than 100 million gross tons over its nearest rival, as owners shift tonnage away from Panama, the flag Liberia dethroned three years ago, according to industry data.

By Lennart Dodoo

The Liberian fleet stood at 317.4 million gross tons as of Sept. 1, according to Clarksons Research data reported Sept. 25 by the maritime news site Splash. The Marshall Islands, now second at 212.7 million gross tons, has pushed Panama into third place at 196 million gross tons.

The gap between Liberia and the Marshall Islands is about 104.7 million gross tons, larger than the entire fleets of Singapore or Hong Kong, the fourth- and fifth-ranked flags.

Liberia’s fleet has grown 8.7% this year, matching the Marshall Islands, while Panama’s has shrunk 15% from 230.5 million gross tons at the end of 2025, the Clarksons figures show. Panama still registers more ships, 7,516 to Liberia’s 6,167, but its vessels are smaller and older on average, which is why Liberia leads on tonnage, the standard measure of a registry’s size.

The age gap is one of the clearest signs of the fleet Liberia is attracting. The average Liberian-flagged ship is 12.6 years old, against 19.5 years for Panama, by far the oldest among the top five flags. Younger fleets tend to mean newer, more efficient and safer ships, and owners of modern tonnage are the business every major registry competes for.

Liberia’s top position is a recent achievement. Panama was the world’s largest registry for three decades until Liberia overtook it in 2023. In June this year, Liberia became the first registry in history to pass 300 million gross tons, reaching 307.3 million gross tons as of June 8, according to Clarksons figures reported by Seatrade Maritime. The same report said Liberian-flagged ships account for 17% of the global fleet and that Liberia has drawn 28% of global newbuilding tonnage over the past two years.

Pressures on Panama are adding to the momentum. Panama’s maritime authority stopped accepting tankers and bulk carriers older than 15 years last year as part of an effort to distance its flag from sanctioned and so-called shadow fleet ships, Splash reported. This year, after Panama removed operators linked to Hong Kong’s CK Hutchison from two canal ports, Chinese authorities increased scrutiny of Panama-flagged vessels, and owners have increasingly considered Liberia and the Marshall Islands instead. Some Chinese leasing companies have required owners to move ships away from the Panamanian flag as a condition of financing new vessels, according to Splash.

The Liberia Maritime Authority has been courting that business directly. At the Posidonia shipping exhibition in Athens in June, the authority said about 150 new vessels were expected to join the Liberian registry following meetings led by Commissioner Neto Zarzar Lighe Sr., and that several shipowners had expressed interest in recruiting Liberian seafarers.

The registry’s growth carries weight at home. Maritime revenue is an important contributor to the national budget and was estimated at about US$30 million in 2026, according to an analysis by researcher George Tengbeh published in July.

The Liberian registry is administered by the Liberian International Ship and Corporate Registry, a U.S.-based company, under the oversight of the Liberia Maritime Authority.