The Indian backers of the world’s newest shipping flag are in discussions to create another registry, with both nations sharing the geographical distinction of being landlocked.

The Eswatini Maritime Affairs and International Ship Registry was formed as a private company in Singapore three months ago, and is responsible for registering ships to the southern African kingdom formerly known as Swaziland.

Data from MarineTraffic shows the register has 364 vessels, mainly made up of small comm...