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S. Korean shipowners’ convenient flag-registered tonnage total share hits 80%
Thursday, November 23, 2017, 16:45:35 Paul Yoon ckyoon7@paran.com
S. Korean shipowners’ convenient flag-registered tonnage total share hit 80% this year.

According to ‘Review of Maritime Transport 2017’ lately published by UNCTAD, as of Jan. 2017, S. Korean shipowners’ tonnages were tallied at 1,655 vessels of 80.98 million dwt in total, 81.98% of which 66.39m dwt have been registered at overseas convenient flags such as Panama, Marshall Islands and others. This is an increase of 2.41% from S. Korea’s convenient flag tonnages which stood at 62.73m dwt tallied last year, accounting for 79.57% of its total tonnages.

S. Korea’s total shipping tonnages registered at convenient flags grew this year as above-said while Korean flag-registered tonnages dropped by 9.4% to 14.59m dwt this year from last year’s 16.11m dwt, it was tallied.

S. Korean shipowners make most use of Panamanian flag as they have registered 41.29m dwt here, accounting for 51% of their total tonnages. This is a fall of 3.6% this year from last year’s 42.84m dwt with their Panamanian flag registry share of 54.3% last year slipping to 51% this year. Marshall Islands, which have seen fast growth in registry of S. Korea’s tonnages over the last few years, marked an increase of 21.7% this year in registered tonnages to 20.90m dwt from the previous year (on-year), and recorded its flag share rate of 25.8% this year up from last year’s 21.8%.

Apart from Panamanian and Marshall Islands’ flag, S. Korean shipowners fly other traditional convenient flags including Liberia (the world’s ranking 2nd), Malta (the world’s 6th), and Bahamas (the world’s7th), but their registry with these three convenient flags are tallied minimal at 100,000~200,000dwt.

Most eye-catching is a rapid and big growth in S. Korean shipowners’ tonnages lately registered with Isle of Man. Their tonnages of 560,000dwt registered here last year jumped by a whopping 194% to 1.66m dwt this year. The backdrop behind the large sudden growth in S. Korean shipowners’ registry with Isle of Man is that a certain ship investor who secured vessels in tie-up with a UK oil major provided that they should fly the flag of British Isle of Man, Maritime Press is told.

Looking at the world’s tonnages registered at the major convenient flags as of 2017, Panama was ranked the world’s 1st with 343.4m dwt (8,052 vessels) registered up 2.7% on-year with the market share rate of 18.44%. The 2nd place goes to Liberia which registered 219.4m dwt (3,296 vessels) up 6.3%, and the 3rd place, to Marshall Islands which registered 216.6m dwt (3,199 vessels) up 8.3% on-year.
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