Growth Of The Marshall Islands Flag and American Bureau of Shipping John Konrad Total Views: 126 July 14, 2009 Photo by Boat Nerd Writing this just off the deck of a newbuild in South Korea I am amazed at the market advance of two organizations, the Marshall Islands Registry and ABS . Nearly every technically advanced offshore newbuild I have recently visited (and those on the AIS tracking site ) in Korean shipyards carries the MI flag and AB on the Plimsoll mark. A quick look at each organization’s recent press releases tells us the full story: From International Registries, Inc: The Marshall Islands Registry surpassed the 50 million gross ton mark continuing a pattern of steady growth. In less than six years, the Marshall Islands fleet has grown from 18.5 million gross tons and 626 vessels at the end of 2003 to 50 million gross tons and 2044 vessels in July 2009 reflecting an average annual growth rate of 23% in terms of gross tonnage.  The Registry, which is administered by International Registries, Inc. (IRI), attributes its success to the decentralization of registry services to its 20 worldwide offices. The milestone was passed last week when the 11,259 gross ton newbuild tanker SONGA EMERALD, managed by Songa Ship Management of the UK, was launched at Samho Shipbuilding in Korea. “This registration, like many in the past, has really shown the true worth of our efforts towards decentralization,” observed John Ramage, Director of Worldwide Business Operations, who noted that the Registry’s London office interfaced on the paperwork side of the registration transaction, while the Registry’s Singapore office handled the closing and mortgage recordation.  The Registry’s Special Agent in Korea attended the delivery meeting and provided the vessel’s certificate of registry. “Since close to 50% of the tonnage entering the Registry is newbuilding tonnage, our offices in the Far East are often involved in the closing and attending the delivery meetings in Asia