01 / Alfonso Castillero, Liberian Shipping and Corporate Registry

Liberia retained its role as the largest flag state, a title it has held since taking the crown from Panama in 2023.

The registry, led by chief executive Alfonso Castillero, boasted almost 300m gross tonnes as of November 1, 2025 — a 3.2% increase since the same time in 2024.

It has also increased the gap from second-placed Panama to almost 45m gt.

That growth is notable as it comes against the backdrop of a growing shadow fleet*, which draws vessels from mainstream trades and registries into small and often fake ones.

In June, Liberia earned rare praise from US pressure group United Against Nuclear Iran for its “world-class compliance programme”, after concluding that the country’s fleet was clean of any tankers suspected to be involved in Iranian oil trades.

Liberia remained in the top-tier White Lists of both the Paris and Tokyo Memorandum of Understandings on Port State Control, an annual ranking that examines registries’ safety records on a rolling three-year period (2025’s ranking assesses the period between 2022-2024).

02 / Ramon Franco, Panama Maritime Authority

Ramon Franco took the reins at the Panama flag as the registry was undergoing a cull of shadow fleet tonnage following mounting US pressure — a process that has continued under his watch.

The second-largest registry announced in August 2025 that it would cease accepting tankers and bulk carriers more than 15 years of age, a move that seemed to be aimed to reducing accident-prone vessels and shadow fleet tankers.

Panama explained that the regulation was adopted after the General Directorate of Merchant Marine found that more than 70% of detentions between 2023 and 1H25 were by bulk carriers, general cargo vessels and tankers older than 15 years.

Meanwhile, its removal of Iranian shadow fleet tonnage earned praise from Louis Sola, the now-former chairman of the US Federal Maritime Commission.

Amid the cull of sanctioned and non-sanctioned shadow fleet tonnage and the newly imposed age limits, it is perhaps unsurprising that Panama’s fleet shrank by a modest 1.9%.

Panama remained in the Grey List of the Paris PSC MOU and the White List of the Tokyo PSC MOU in their annual rankings.

03 / William (Bill) Gallagher, IRI Marshall Islands Registry

William Gallagher has been leading the Marshall Islands registry for more than 25 years, having first joined it in 1991.

Since 2024’s rankings, the world’s third-largest registry by gross tonnes grew 1.9% to almost 200m gt.

That growth has helped the Marshall Islands close the gap on second-largest registry Panama, although there is still about 60m gt between them.

The Marshall Islands is still also comfortably ahead of Singapore, whose substantial growth led it to overtake Hong Kong as the fourth-largest registry.

The Marshall Islands remained in the top-tier White Lists of both the Paris and Tokyo MOUs during 2025.

04 / Ang Wee Keong, Maritime and Port Authority of Singapore

Ang Wee Keong took over from Teo Eng Dih as the head of the Maritime and Port Authority of Singapore earlier in 2025, which has seen a period of explosive growth for the flag registry.

Singapore is this year’s biggest gainer, adding a huge 24.9% gt to its fleet since 2024’s rankings, and overtaking Hong Kong to claim the number four spot.

Much of that growth was driven by a tonnage exodus from Hong Kong to Singapore in the build-up to the now-suspended US port fee plan, which would have seen Hong Kong-flagged vessels forced to pay when calling the US.

Singapore was ranked fifth-highest in the Paris MOU White List in 2025, and third in the Tokyo MOU White List.

05 / Wong Sai-fat, Hong Kong Ship Register

After experiencing moderate growth in 2024, Hong Kong saw a mass exodus of tonnage in 2025, mostly linked with shipowners seeking to avoid US port fees.

While the port fee plan has been suspended for a year, the impact on Hong Kong’s ship register is expected to linger.

A loss of 13.7% of its fleet since 2024 — including some prominent shipowners like Seaspan — has seen it fall below Singapore to fifth place in 2025’s rankings.

But Hong Kong is already planning moves to boost its competitiveness.

Transport Secretary Mable Chan told Lloyd’s List on the sidelines of Hong Kong Global Maritime Trade Summit 2025 that the government is planning to introduce “a number” of legislative amendments, with the most important one being a measure that will allow dual flag registrations.

Hong Kong was ranked 11th in the Paris MOU White List in 2025, and second in the Tokyo MOU White List.

06 / Ivan Tabone, Malta Ship Registry

Malta, led by registrar general of shipping and seamen Ivan Tabone since 2023, maintained a healthy growth trajectory, growing 3.2% in 2025’s rankings.

Malta is one of only two European flags among the top 10 registries, with Greece being the other.

As of November 1, 2025, Malta’s fleet stood at just under 89m gt, about 5m gt above seventh-placed China, while about 26m gt separated it from fifth-placed Hong Kong.

Malta remained in the White Lists of both the Paris MOU and Tokyo MOU in the 2025 rankings.

07 / Fu Xuyin, China Maritime Safety Administration

China’s fleet has grown marginally since 2024’s rankings, expanding by 0.5% to 83.5m gross tonnes.

China’s Maritime Safety Administration is led by Fu Xuyin, who also serves as the vice-minister of transport.

The registry maintained its spot as the seventh-largest flag by gross tonnes in 2025, with the distance from sixth-placed Malta standing at about 5.5m gt.

The Chinese flag had the strongest performance in the Tokyo MOU rankings in 2025, while reaching 14 in the Paris MOU White List.

08 / Dwain Hutchinson, Bahamas Maritime Authority

The Bahama Maritime Authority’s tonnage grew by a moderate 1.5% in 2025, putting its fleet at 62.4m gt.

It is a sizeable distance from both seventh-placed China (18m gt) and ninth-placed Japan (32m gt).

Capt Dwain Hutchinson has been serving as the BMA’s chief executive and managing director since 2019, and has been at the registry for more than two decades.

In November 2025, the BMA announced a partnership with IDsure, a digital credential platform, to “enable the secure issuance of Seafarer Record Books and Competency Certificates”.

It called the collaboration a “significant step” in its “ongoing digital transformation” that will enhance efficiency and transparency.

The registry was ranked in the White Lists of both Paris and Tokyo MOUs.

09 / Keita Arakaki, Japan Ministry of Land, Infrastructure, Transport and Tourism, Maritime Bureau

Japan’s tonnage grew an impressive 6.2% year over year in 2025, which, when coupled with a decline in Greece’s tonnage, moved Japan up to ninth place in the top 10 rankings.

The Japanese flag has been growing steadily since 2021 and, as of November 1, 2025, its fleet stood at 33.5m gt.

The Maritime Bureau welcomed a new director-general earlier in 2025, Keita Arakaki.

In a recent interview with the Japan Times, he emphasised the importance of the country’s maritime and shipbuilding sectors to its national security, and discussed the challenges of decarbonisation.

Arakaki will no doubt be pleased with the performance of the Japanese flag in the annual Tokyo and Paris MOU rankings, where the registry was ranked fifth and 10th, respectively.

10 / Andreas Spanos, Greece Ministry of Maritime Affairs and Islands Policy

Greece’s fleet continued shrinking in 2025, with figures as of November 1 showing a 4.4% year-over-year decline.

The continued tonnage drop coincided with considerable growth for Japan, which leapfrogged Greece to become the ninth-largest flag, leaving the European island nation as the smallest of the top 10 flags.

However, the gap between the two is not large, standing at only 1.1m gt.

Capt Andreas Spanos has served as the director for shipping with the Greece Ministry for Maritime Affairs and Islands Policy since 2023.

He has also previously served as the maritime attaché in the Consulate General of Greece in New York, and as the head of the shipping policy unit.

While the continued shrinkage of its fleet may be a concern, Greece can take comfort that its registry still ranks in the White Lists of both the Paris MOU and Tokyo MOU.

This list is part of the Lloyd’s List One Hundred People 2025 (Edition 16) that will be published from December 8