flag of convenience

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flag of convenience

the grant of a shipping ‘flag’ by a country to a non-national vessel owner. Flags of convenience are usually issued by countries not noted for their participation in international treaties governing shipping rights, and while the ‘flag’ establishes the legal credentials of the ship it often acts as a cloak for illegal activities (e.g. catching fish in unauthorized waters).
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Open Registry Group is an independent group of domain service companies providing backend registry operations to brand customers, registrar and trademark validation services.
Open registry states tend to not require that the entity seeking to
the United States flag to standards that greatly exceed open registry
Running an open registry provides an opportunity for income generation.
(12) This study evaluates labor standards and practices of thirty-eight open registry states and includes an A to E ranking of the standards adopted and welfare and labor rights of these registries.
Despite that, Greece has the largest shipping fleet among the traditional maritime nations and ranks behind only the open registry Liberian and Panamanian fleets.
Parts of such a shipping-friendly scheme in combination with a U.S.-based open registry policy may further strengthen the shipping milieu that already exists in this country.
GOP said the new portal is part of its initiative in its groundwork to prepare Bahrain's Ship Registry as an open registry thereby facilitating ships to sail under the Bahraini flag.
However, from the earliest days there has been opposition to FOC shipping, and lately the disenchantment over this questionable form of open registry has led to the potentially rapid growth of what can be termed as quasi-FOC arrangements.
He added that the shipping industry in Cyprus is not expected to be affected by any negative developments in Greece and that the island is the only open registry in the Eurozone meaning that it is not just Cypriot ship owners that are allowed to register ships.
"As you are aware, Cyprus constitutes a fully EU approved "Open Registry", 85% of which, belongs to Northern European beneficial interests.