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SUBJECT: Maritime Operations. TITLE: With reference to the history of so-called open registers, discuss those factors which might influence a ship-owner's choice of flag state. (in today's world) - Essay Example

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This report is a critical analysis and review of the shipping industry’s practice of open registry with reference to the factors influencing a ship owner’s decision to operate and manage vessels through flags of convenience. It is seen that while open registry is a…
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SUBJECT: Maritime Operations. TITLE: With reference to the history of so-called open registers, discuss those factors which might influence a ship-owners choice of flag state. (in todays world)
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Extract of sample "SUBJECT: Maritime Operations. TITLE: With reference to the history of so-called open registers, discuss those factors which might influence a ship-owner's choice of flag state. (in today's world)"

Download file to see previous pages However, lack of standardization and quality in the open registry flag states in terms of compliance to international shipping regulations is seen to affect the flag state, shipping operations as well as the national flag states forcing a change in policy in the industry.
Global transportation has opened up a levy of opportunities for maritime operators with the most advantage being in terms of convenience in revenue maximization with minimum expense. Global trade sustains mostly due to maritime transport and many maritime operators compete fiercely for profits in this industry mostly through a policy framework that helps them achieve the target of cost minimization and revenue maximization. Vessels are registered nationally and internationally for this purpose and to achieve uniform standards in the shipping industry. As 90 percent of the world trade is carried through shipping, there are regulations to achieve standardization of the industry and require that the vessels be registered under a flag state, much like the registration for motor vehicles (Toz and Cerit, 2011).
There are regulations concerning sea navigation, seafarers, vessels, environment, etc. under the United Nations Convention on the Law of the Sea 1982 or the 1982 Convention that are aimed at ensuring safety at sea. These regulations also include vessel registration, flag state legal bindings, vessel operations, among other things (Goodman, 2009). Today, more than half of merchant vessels are registered with states other than their nationality, and there are several reasons that have been identified that have led to this trend, which will be discussed in this paper (Xu et al, 2009).
The paper studies the trends in flag states and their registrations, the reasons behind the choice of particular flag states by the majority of shipping companies, the people or companies that take ...Download file to see next pagesRead More
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