What does flag of convenience mean?
Definitions for flag of convenience
flag of con·ve·nience
This dictionary definitions page includes all the possible meanings, example usage and translations of the word flag of convenience.
Wiktionary
flag of conveniencenoun
Registration of a ship in a country chosen for its low taxes, permissive regulations, and so on.
flag of conveniencenoun
The flag flown by a ship so registered (which flag then corresponds to the country of registration).
Wikidata
Flag of convenience
The term flag of convenience describes the business practice of registering a merchant ship in a sovereign state different from that of the ship's owners, and flying that state's civil ensign on the ship. Ships are registered under flags of convenience to reduce operating costs or avoid the regulations of the owner's country. The closely related term open registry is used to describe an organization that will register ships owned by foreign entities. The term "flag of convenience" has been in use since the 1950s, and it refers to the civil ensign a ship flies in order to indicate its country of registration or flag state. A ship operates under the laws of its flag state, and these laws are used if the ship is involved in an admiralty case. The modern practice of flagging ships in foreign countries began in the 1920s in the United States, when shipowners frustrated by increased regulations and rising labor costs began to register their ships to Panama. The use of open registries steadily increased, and in 1968, Liberia grew to surpass the United Kingdom as the world's largest shipping register. As of 2009, more than half of the world’s merchant ships were registered with open registries, and the Panama, Liberia, and Marshall Islands flags accounted for almost 40% of the entire world fleet, in terms of deadweight tonnage.
Numerology
Chaldean Numerology
The numerical value of flag of convenience in Chaldean Numerology is: 8
Pythagorean Numerology
The numerical value of flag of convenience in Pythagorean Numerology is: 3
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"flag of convenience." Definitions.net. STANDS4 LLC, 2024. Web. 28 Apr. 2024. <https://www.definitions.net/definition/flag+of+convenience>.
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