The third largest ship registry in the world currently has 2,970 vessels on its register totaling more than 95m gt.
“Soon hopefully, by end this year or early next year we will reach the milestone of 100m gross tons and definitely 3,000 ships of all types,” Theo Xenakoudis, worldwide business operations officer for International Registries Inc, which runs the registry, told Seatrade Global. The projection is based on newbuilding commitments that the flag has from owners around the world.
Given current low asset prices are spurring growth and he said, “Shipowners worldwide are quite active in ordering ships and buying secondhand ships. We see it a lot in the Greek market and private equity activity in the US.”
While the majority of the Marshall Islands fleet comprise bulkers and tankers Xenakoudis said they had seen a lot of expansion in the offshore sector, with more than 300 offshore vessels in its fleet.
Last year IRI opened an office in Rio de Janeiro to try and develop its position in the offshore market in Brazil.
LNG carriers are also a major component of the fleet accounting for close to 10% of total fleet tonnage, mainly from ships operated for Qatargas.
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