The Republic of the Marshall Islands (RMI) flag moved into the top position for the Greek merchant fleet in terms of number of vessels and is now the largest international flag overall in Greece in terms of deadweight tonnage (DWT). International Registries, Inc. and its affiliates (IRI), who provide administrative and technical support to the RMI Maritime and Corporate Registries, have been cultivating deep ties to the Greek shipping community since IRI’s formation. With the largest IRI office outside of its headquarters in Reston, Virginia, the Piraeus office employs highly experienced and qualified maritime experts, capable of dealing with day-to-day maritime operations.
“Greek shipowners have been the largest shipowning group in the Registry in terms of gross tonnage since the third quarter of 2009,” said Theo Xenakoudis, Director, Worldwide Business Operations for IRI. “Three years later in 2012, the bulk carriers outnumbered the tankers in the RMI fleet largely due to the growth of the dry cargo vessels coming out of Greece and today remain the number one vessel type in the RMI Registry with an average age of 6.3 years old,” he continued.
Greek owners and operators are an integral force behind the rapid growth the RMI Registry has seen in recent years. Greek owners account for over 25% of all vessels which registered from 01 January – 30 September in 2015 representing 92 vessels and over 4 million gross tons (GT) entering the RMI Registry during that time. Overall, Greek owners represent 38% of the bulk carriers registered in 2015.
According to the Shipping & Finance November 2015 issue, the RMI Registry holds the top position among flag States with the Greek merchant fleet in terms of number, with an almost 14% increase from March 2015 to November 2015 of Greek owned vessels registered in the RMI. The same report shows that the RMI fleet stands at 913 vessels in the Greek market and over 70 million DWT.
Communication and customer service have long been hallmarks of the RMI Registry, and are a couple of the many reasons for the increase in Greek owners flagging their vessels in the RMI. The quality of service provided by a flag State is a vital component to the success of the Greek fleet. “The RMI Registry leads not only in numbers, but in the excellence of its service to its customers,” said Harry Vafias who is now in the process of moving five more liquid petroleum gas (LPG) vessels into the RMI fleet.
