Palau International Ship Registry has become the fastest growing flag in the shipping world with an impressive 43.2% growth in the number of vessels joining the registry since 2013 according to Fairplay magazine.
Recording strong growth that puts it well ahead of other expanding registries such as Portugal, Saudi Arabia and the Cook Islands, Palau has attracted significant numbers of tankers into its fleet along with Ro-Ro vessels, bulk carriers and offshore ships. Tankers currently comprise just under half of Palau’s fleet and Panos Kirnidis, CEO of Palau International Ship Registry, sees this as a growth area.
“This news is not surprising to Palau as we have been steadily growing and we are attracting not only tankers but also passenger, container and general cargo ships who all want to sail under our flag. Growth is always associated with strength and we have that with our latest software and recruitment. Our goal is to become one of the world’s leading registries and ship owners and operators are recognising Palau has the infrastructure to support them.”
Palau International Ship Registry introduced a new Deficiency Prevention System (DPS) at the end of 2016 as part of its drive to a leading technological registry. This consists of a dedicated department monitoring all ships under the Palau flag to reduce deficiency and casualty rates. PISR Flag State Inspectors (FSI) network works with the DPS to ensure vessels remain at sea and are not detained in ports for often the most trivial of reasons. The people and the system work smoothly to maintain operations that often require support at difficult times anywhere across the globe. It is all about having information to hand with owners wanting to see how their vessels are operating from a desktop and even suggesting we can help them carry on sailing.
“The industry is currently undergoing changes to both regulation and economic conditions. To remain a key player in this sector we, along with other registries, will have to be flexible, adaptable and attuned to the concise needs of our clients. Technology will be a key driver here but without losing the human touch. I would like to think we have displayed enough conviction to the industry to be worthy of this recent dramatic increase in business.”
Panos Kirnidis BEng, MSc – CEO of PISR