Panama, which dominated the global ship registry market for decades, has fallen to third place in the worldwide ranking by the combined gross tonnage of its registered fleet.
According to the latest data from Clarksons Research, Liberia remains the world’s largest ship registry with 317.4 million GT. The Marshall Islands has moved into second place with 212.7 million GT, overtaking Panama, whose registered fleet now stands at approximately 196 million GT.
The total gross tonnage registered under the Panamanian flag has declined by around 15% this year, falling from 230.5 million GT at the end of 2025. Over the same period, the Liberian and Marshall Islands registries both expanded by approximately 8.7%.
Panama, however, continues to lead by number of registered vessels. Approximately 7,516 ships operate under its flag, compared with around 6,167 vessels registered in Liberia and 4,808 under the Marshall Islands flag.
The decline reflects changes introduced by the Panama Maritime Authority. Last year, the registry stopped accepting tankers and bulk carriers more than 15 years old as part of an effort to reduce the number of ageing vessels and distance the flag from sanctioned and so-called shadow fleet tonnage.
Stricter requirements may reduce the registry’s total tonnage in the short term, but they could also improve the quality of its registered fleet and strengthen the reputation of the Panamanian flag.
Panama held the position of the world’s largest ship registry for around 30 years before being overtaken by Liberia in 2023. Its latest fall behind the Marshall Islands demonstrates the growing competition among the world’s largest open registries.
