In 2025, the global shipping industry continues to be dominated by a few key flag states. These registries are responsible for a significant portion of the world’s merchant fleet in terms of ship numbers and gross tonnage (GT). Below is a detailed overview of the top 10 ship registries in 2025.
| Rank | Flag State | Number of Ships | Gross Tonnage (GT) in Millions | Market Share (%) |
| 1 | Liberia | 5052 | 271 | 16.39 |
| 2 | Panama | 4900 | 244.3 | 14.55 |
| 3 | Marshall Islands | 4500 | 186 | 11.24 |
| 4 | Hong Kong (China) | 2600 | 130 | 7.9 |
| 5 | Singapore | 2400 | 120 | 7.2 |
| 6 | Malta | 2200 | 110 | 6.6 |
| 7 | China | 2000 | 100 | 6.0 |
| 8 | Bahamas | 1800 | 95 | 5.7 |
| 9 | Greece | 1600 | 85 | 5.1 |
| 10 | Cyprus | 1400 | 75 | 4.5 |
1. Liberia
The Liberia registry is the largest in the world, with 5052 ships. The gross tonnage of these ships amounts to 271 million GT, giving them a market share of 16.39%.
2. Panama
The Panama registry is the second largest in the world, with 4900 ships. The gross tonnage of these ships amounts to 244.3 million GT, giving it a market share of 14.55%.
3. Marshall Islands
The Marshall Islands registry is the third largest in the world, with a total of 4500 ships. The gross tonnage of these ships amounts to 186 million GT, giving them a market share of 11.24%.
4. Hong Kong (China)
The Hong Kong (China) registry is the forth largest in the world, with 2600 ships. The gross tonnage of these ships amounts to 130 million GT, giving it a market share of 7.9%.
5. Singapore
The Singapore registry is the fifth largest in the world, with 2400 ships. The gross tonnage of these ships amounts to 120 million GT, giving them a market share of 7.2%.
6. Malta
The Malta registry is the sixth largest in the world, with 2200 ships. The gross tonnage of these ships amounts to 110 million GT, giving it a market share of 6.6%.
7. China
The China registry is the seventh largest in the world, with a total of 2000 ships. The gross tonnage of these ships amounts to 100 million GT, giving it a market share of 6.0%.
8. Bahamas
The Bahamas registry is the eighth largest in the world, with a total of 1800 ships. The gross tonnage of these ships amounts to 95 million GT, giving them a market share of 5.7%.
9. Greece
The Greek registry is the ninth largest in the world, with 1600 ships. The gross tonnage of these ships amounts to 85 million GT, giving them a market share of 5.1%.
10. Cyprus
The Cyprus registry is the tenth largest in the world, with 1400 ships. The gross tonnage of these ships amounts to 75 million GT, giving them a market share of 4.5%.
