The Palau International Ship Registry (PISR) has seen a marked increase in the number of vessels under the its flag. In September 2017, the Palau flag recorded 380 ships with 3,000,000 gross tonnage.

PISR stated that the main Palau fleet now comprises 27% general cargo vessels and 20% tankers, with the rest accounting for 53% of its total ships covering all vessel types and across a wide range of countries. There here have been increases in the number of barges, tugs and bulk carriers looking to fly the Palau flag. In addition, a growing number of yacht owners are interested in joining the fleet.

“Since our inception in 2010 the registry has grown steadily with different types of ships joining our fleet. We have a strenuous vetting process for all our ships and we know that owners, charterers and operators want a quality flag. As a relatively new one we know that attracting ships into our fleet takes time and our clients need to be comfortable with us, our operations and our quality management approach. This recent increase in fleet size shows we are sailing the right way,” Panos Kirnidis, CEO of Palau International Ship Registry, commented.

Smart ships and smart technology in running a fleet are currently driving shipowners to look more closely at who they entrust their vessels to, according to Kirnidis.

“We have been saying for more than a year that the maritime industry knows that smart ships and smart technology is the way forward and yet there seems to be reluctance on the part of some owners to fully embrace technology. When the world economy turns and the shipping world recovers, progress in technology will be one of the real driving forces. The time to embrace this technology is now. Smart ships are here and so are smart registries,” Kirnidis added.