In 2025, the global shipping industry continues to be dominated by a few key flag states, the Ship Registries. These registries are responsible for a significant share of the world’s merchant fleet by ship count 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 totals 271 million GT, representing a market share of 16.39%.
2. Panama
The Panama registry is the second-largest in the world, with 4,900 ships. The gross tonnage of these ships totals 244.3 million GT, representing a market share of 14.55%.
3. Marshall Islands
The Marshall Islands registry is the third-largest in the world, with a total of 4,500 ships. The gross tonnage of these ships totals 186 million GT, representing a market share of 11.24%.
4. Hong Kong (China)
The Hong Kong (China) registry is the fourth-largest in the world, with 2,600 ships. The gross tonnage of these ships totals 130 million GT, representing a market share of 7.9%.
5. Singapore
The Singapore registry is the fifth-largest in the world, with 2,400 ships. The gross tonnage of these ships totals 120 million GT, representing a market share of 7.2%.
6. Malta
The Malta registry is the sixth-largest in the world, with 2,200 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 2,000 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 1,800 ships. The gross tonnage of these ships totals 95 million GT, representing a market share of 5.7%.
9. Greece
The Greek registry is the ninth-largest in the world, with 1,600 ships. The gross tonnage of these ships totals 85 million GT, representing a market share of 5.1%.
10. Cyprus
The Cyprus registry is the tenth-largest in the world, with 1,400 ships. The gross tonnage of these ships totals 75 million GT, representing a market share of 4.5%.
