LONDON: Panama’s decades-long dominance of the global ship registry has suffered another major setback, with the country falling to third place behind Liberia and the Marshall Islands.
Latest Clarksons Research data dated September 1, 2026, shows Liberia firmly leading the global registry rankings with 317.4 million gross tons (gt), followed by the Marshall Islands with 212.7 million gross tons and Panama with 196 million gross tons.
Despite the ranking shift, Panama remains the largest registry by vessel numbers, with 7,516 ships, compared with 6,167 registered under Liberia and 4,808 under the Marshall Islands.
The decisive difference is tonnage and fees are pay per ton. Panama’s fleet has contracted by 15 percent this year, falling from 230.5 million gt at the end of 2025. By contrast, Liberia and the Marshall Islands have each expanded their registered tonnage by 8.7 percent.
The figures mark a dramatic reversal in global shipping. Panama held the position of the world’s largest ship registry for about three decades before Liberia overtook it in 2023.
Since then, Panama’s decline has accelerated as authorities have tightened registration standards while the flag has faced increasing geopolitical pressure.
In 2025, the Panama Maritime Authority stopped accepting tankers and bulk carriers more than 15 years old as part of broader efforts to distance the registry from sanctioned vessels and so-called shadow-fleet tonnage.
The registry has also faced pressure linked to rising tensions involving China and the Panama Canal.
Reports in June indicated that increased Chinese scrutiny of Panama-flagged vessels followed Panama’s removal of CK Hutchison-linked operators from two canal ports.
The developments reportedly encouraged some shipowners to consider alternative flags, particularly Liberia and the Marshall Islands.
Chinese leasing companies have also reportedly required some shipowners to reflag vessels away from Panama when arranging financing for newbuildings.
Fleet age has become another major differentiator.
Panama’s registered fleet has an average age of 19.5 years, significantly older than those of the other leading registries.
Liberia’s fleet averages 12.6 years, while the Marshall Islands averages 12 years, Singapore 11.3 years, and Hong Kong 14.9 years.
The latest rankings also show Singapore strengthening its position in fourth place with 141.1 million gt, ahead of Hong Kong at 111.6 million gt.
Singapore and Hong Kong exchanged positions last year as major owners, including Seaspan and Pacific Basin, shifted tonnage toward Singapore amid heightened US-China trade tensions.
The latest figures underline a changing global maritime landscape, with Liberia and the Marshall Islands continuing to expand their presence while Panama confronts the consequences of fleet contraction, regulatory tightening and geopolitical pressures.
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