What are the parameters the owner should take under consideration when selecting a Flag State?
The flag state governs the laws and regulations under which the vessel is inspected, certified and operated.
The main parameters that drive the decision of the flag registration are:
- Experience and reputation – The Port State control Rankings is regularly measuring the performance of flag states and classification societies
- Nationality and Residency of the Owner
- Classification Society certification
- Documentation requirements of the flag
- Home port of the vessel
- Owning company of the vessel
- Set up and Annual fees, Tax regime
- Private or Commercial (charter) usage of the vessel
- Manning Requirements