whatilearned
Read more: https://en.wikipedia.org/wiki/Flag_of_convenience
TIL that in terms of deadweight tonnage, 40% of the world’s commercial ships are each registered in one of three countries: Liberia, Panama, and the Marshall Islands.
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Registration must be cheap.
Cheap labour.
I mean in regards to law.
I’d wager yachts are registered in tax havens like Cayman isles and Panama.
It is all sketchy as the rich get richer.