Cayman Islands, Caribbeanand International News
Saturday, Jun 15, 2024

US Announces New Open Registry

US Announces New Open Registry

Next Tuesday at the National Press Club in Washington, former US Deputy Secretary of State and the first Director of National Intelligence, John Negroponte will be providing opening remarks, and Albert Bryan, Governor of the U.S. Virgin Islands, will announce a new US Flag open ship registry, in what some maritime experts are calling the most historic moment for US maritime interests this century.
The US national debt is in the currency that the debtor can always print as much as they owes, even if the creditor will not be able to buy with it nothing in the future.

So US can buy whatever they want, even without producing or exporting anything, and they will never default. Because they can print as much as they want…

The shipping industry moves more than $4 trillion USD of imports and exports into and out of the United States every year but, for the past fifty years, the U.S. has increasingly relied on shipping lines from other countries to carry most of these goods. Currently, there is only one U.S. flag shipping company in the top 30: Matson, ranked 26th, with only 0.2% of the global market share.

Over fifty percent of the ships that traverse international waterways are registered in just three jurisdictions – Panama, Liberia, and the Marshall Islands. Each of these registries was formed with the support of the US Government and each originally promised commercial advantages along with some degree of protection from the US Navy. Panama and Liberia, however, currently have no protection agreement in place. The Marshall Islands registry is said to have a security “understanding” with the United States, but the details of which are not clear.

According to a white paper released by the Center for Ocean Policy and Economics (COPE) at the Northeast Maritime Institute, ships registered under the new Virgin Islands Flag will realize physical and cyber protection from relevant US agencies and the new flag will also provide a key competitive advantage to ship owners.

“The future is becoming increasingly complex and uncertain,” said Eric R. Dawicki President of Northeast Maritime Institute and an executive member of COPE, in an interview with gCaptain. “We believe that customers, ports, financial markets, and insurance companies are ready to reward ship owners that are more transparent and lean into environmental, social, and corporate governance (ESG). We believe a US open registry will protect the rights of seafarers and provide US mariners with more opportunities.”

Dawicki was quick to point out that, while this is an open registry, it will not be a flag of convenience. The US Virgin Islands is one of only five official Overseas Territories of the United States. American Virgin Islanders are American Citizens and USVI companies are subject to United States law. The new registry hopes to attract ship owners that understand this and are willing to lean into ESG initiatives.

“We are looking to help shipowners navigate an increasingly uncertain world,” said Dawicki. “We are looking to help those who want to do good by doing well.”

An increasing number of customers, financial institutions, and regulators are looking to do business with companies that hold themselves to a higher standard. Less clear is if ship owners will be willing to ditch cheap flags of convenience for better access to capital and cargo. It is also unclear how the USVI flag will navigate the Jones Act, if it will have a separate seat at the International Maritime Organization (IMO) or share one with the US delegation, and the depth of its relationship with classification societies, regulators at the US Coast Guard, the US Navy, and shipowner groups like ICS, BIMCO, INTERTANKO, and INTERCAGO… which have all been calling for higher standards within the broader industry.

While these questions remain unanswered, representatives of the new flag state promise transparency and promise to answer these difficult questions at the press event next Tuesday.

Related Articles

Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Israel: Unprecedented Civil Disobedience Looms as IDF Reservists Protest Judiciary Reform
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Italian Court's Controversial Ruling on Sexual Harassment Ignites Uproar
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
BBC Personalities Rebuke Accusations Amidst Scandal Involving Teen Exploitation
A Swift Disappointment: Why Is Taylor Swift Bypassing Canada on Her Global Tour?
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
Unilever Plummets in a $2.5 Billion Free Fall, to begin with: A Reckoning for Misuse of Corporate Power Against National Interest
Beyond the Blame Game: The Need for Nuanced Perspectives on America's Complex Reality
Twitter Targets Meta: A Tangle of Trade Secrets and Copycat Culture
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner