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THE state of Liberia has released a statement saying that it has finished 2020 as the world’s fastest growing flag state for the second year in a row.

According to Clarkson’s World Fleet Monitor from mid-December 2020, Liberia has outpaced all other open registries having grown at 8.06% and 13.8m gross tons since January 2020.

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Liberian International Ship and Corporate Registry chief operating officer Alfonso Castillero said they were “proud of our global team for all their hard work, securing Liberia’s position as the world’s leading flag state”.

“This growth has not only been from newbuildings delivered this year, but from flag transfers thanks to Liberia’s low cost to change flag, and our streamlined processes and procedures,” Mr Castillero said.

Flag transfer tonnage accounted for 60% of Liberia’s growth in 2020, with owners apparently looking to shift their tonnage from their existing flag states.

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