- Indonesia tops the global ranking with over 11,000 merchant ships — a reflection of its massive archipelago, large domestic economy, and laws requiring ships in its waters to fly the Indonesian flag.
- Panama is the world’s 3rd largest ship registry — thanks to its open ‘flag of convenience’ system, which allows global shipowners to register their vessels under Panama’s flag.
The world’s merchant fleet is the backbone of the global economy, moving 80% of the world’s goods by volume according to UN Trade and Development.
But which countries have the most ships registered under their flags? In this graphic, we rank the world’s largest merchant ship fleets, as of 2023.
The data for this visualization comes from The World Factbook. It compares the number of registered merchant ships (1,000 gross tons and above) across different nations, reflecting both domestic shipping needs and global registration practices.
| Country | # of Merchant Ships | % Share of Total |
|---|---|---|
| 🇮🇩 Indonesia | 11,422 | 11.0% |
| 🇨🇳 China | 8,314 | 8.0% |
| 🇵🇦 Panama | 8,174 | 7.9% |
| 🇯🇵 Japan | 5,229 | 5.0% |
| 🇱🇷 Liberia | 4,821 | 4.7% |
| 🇲🇭 Marshall Islands | 4,180 | 4.0% |
| 🇺🇸 U.S. | 3,533 | 3.4% |
| 🇸🇬 Singapore | 3,202 | 3.1% |
| 🇷🇺 Russia | 2,910 | 2.8% |
| 🇭🇰 Hong Kong | 2,537 | 2.4% |
| 🇵🇭 Philippines | 2,203 | 2.1% |
| 🇰🇷 South Korea | 2,149 | 2.1% |
| 🇻🇳 Vietnam | 1,973 | 1.9% |
| 🇲🇹 Malta | 1,957 | 1.9% |
| 🇮🇳 India | 1,859 | 1.8% |
| 🇲🇾 Malaysia | 1,750 | 1.7% |
| 🇳🇴 Norway | 1,720 | 1.7% |
| 🇮🇹 Italy | 1,276 | 1.2% |
| 🇧🇸 Bahamas | 1,274 | 1.2% |
| 🇬🇷 Greece | 1,215 | 1.2% |
| 🇳🇱 Netherlands | 1,187 | 1.1% |
| 🇹🇷 Turkiye | 1,170 | 1.1% |
| 🇨🇾 Cyprus | 1,005 | 1.0% |
| 🌍 Rest of World | 28,534 | 27.5% |
Why Merchant Ships Register Under a Country’s Flag
Every merchant vessel must be registered under the laws of a particular country, which then assumes responsibility for regulating the ship’s safety, labor practices, and environmental standards.
In practice, many shipowners choose to register outside of their home countries. So-called “flags of convenience”, offered by nations like Panama and Liberia, provide lower fees, less regulation, and even tax advantages.
As a result, the flag a ship sails under may have nothing to do with where its owners are based.
Indonesia Has the Largest Fleet of Merchant Ships
Indonesia tops the list with 11,422 merchant ships registered under its flag. Its vast archipelago of more than 17,000 islands makes maritime transport essential for trade.
The country’s cabotage law, which requires vessels operating in Indonesian waters to be flagged locally, further inflates the size of its merchant fleet. This combination of geography and policy has pushed Indonesia ahead of global shipping powerhouses like China.
Credit: Visual Capitalist
