Why Is Nearly Half of the World's Ships Flagged in Three Nations? Panama, Liberia & Marshall Islands What's Going on With Shipping? June 5, 2022 In this episode, Sal Mercogliano - former merchant mariner and maritime historian at Campbell University - discusses why nearly half of the world's merchant ships are registered in three countries that do not have a history of shipping dominance - Panama, Liberia and the Marshall Islands. This video looks at the governance of these registries, why they developed and how they are structured today; along with a discussion on Port State Control.