Panama Falls to Third in Global Ship Registry as Marshall Islands Overtakes
Panama’s prolonged slide from the summit of worldwide ship registration has hit a fresh marker, as the Marshall Islands have now moved past the former leader, pushing it down to third position.
Read also: China-U.S. Maritime Dispute Over Panama Flag Vessels Intensifies in 2026
Clarksons Research figures dated September 1 place the Marshall Islands fleet at 212.7m gt, well clear of Panama’s 196m gt. At the top, Liberia has stretched its advantage to 317.4m gt.
By ship count, Panama still holds a wide lead with 7,516 vessels, versus 4,808 for the Marshall Islands and 6,167 for Liberia, yet its tonnage has shrunk dramatically. According to Clarksons, Panama has dropped 15% during this year, from 230.5m gt at the close of 2025, while Liberia and the Marshall Islands have both expanded by 8.7%.
This marks a striking turnaround. For three decades Panama ranked as the largest registry globally until Liberia finally surpassed it in 2023.
The contraction has sped up as Panama tightens its register while also finding itself entangled in geopolitical tensions.
During the previous year, the Panama Maritime Authority ceased accepting tankers and bulkers older than 15 years, part of a broader push to separate the flag from sanctioned and shadow fleet tonnage.
Another difficulty emerged this year. Splash reported in June that increased Chinese scrutiny of Panama-flagged vessels came after Panama removed CK Hutchison-linked operators from two canal ports, with shipowners increasingly looking at Liberia and the Marshall Islands as alternatives. Chinese leasing companies have since demanded that certain owners change flag away from Panama when securing newbuilding finance.
Panama is also notable for its fleet’s age profile. The average vessel there is 19.5 years old, easily the highest among the top five flags. Liberia’s average is 12.6 years, the Marshall Islands 12, Singapore 11.3 and Hong Kong 14.9.
Further down the table, another significant shift at the top has taken place. Singapore has locked in fourth position with 141.1m gt, ahead of Hong Kong at 111.6m gt. The pair exchanged places last year as major owners such as Seaspan and Pacific Basin moved tonnage toward Singapore amid US-China trade frictions.
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