The expensive and overly bureaucratic Greek flag is losing more and more business to rival registers, led by the Marshall Islands and Liberia.
Greek newspaper Kathimerini reports today that 62 ships left the Greek flag in the past 12 months, and 100 have departed in total over the past two years.
The Marshall Islands is the flag Greek owners favour most with 791 ships registered there as of the end of February, up 74 vessels year-on-year. Liberia is in second position with 774 ships, up 31 year-on-year.
Greece remains the world’s largest shipowning nation followed by Japan then China.