Taxing the profits of the American owners of those ships so the companies can be incorporated in another country is not the answer. In other words taxing the rich is not the answer- they will leave and go elsewhere for more favorable countries. Taxes on FOC ships coming into the US is something they can’t run away from. There also needs to be incentive for them to flag there ships in the US aka the MSP. I don’t think these American owners of foreign ships are evil, in fact I believe they can be the answer to a lagging US fleet. - However, it seems my generation has different views on how to handle the situation.
As long as they earn income from the assets they sold in a lame attempt to escape taxes they will be taxed on that income. Look up IRS rules for foreign source income. Tax the runaway scumbags off the face of the planet. If an American flag ship is flagged out it should be prevented from entry to an American port.
The runaway owners can always pull a Ted Arison (Carnival Cruise Lines) and renounce American citizenship and go live someplace else. In which case, if we had a congress that gave a shit about America more than campaign contributions, they could pass legislation to prevent any benefit from doing so.
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As Leona Helmsley so famously said:
“Only the little people pay taxes.”
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She died as a nearly friendless felon who was imprisoned for tax evasion.
Didn’t buy the right politicians I guess.
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Wrong state. Yes, they have an office there, but you want to go to VA for HQ. And while you are there go 5 miles down the road to IRI and try.
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Exodus of foreign workers has slowed container work in Singapore, first time container vessels have had to anchor and wait.
he didnt live very long after he left the USA, died 1999
The only reason the IRS made an example out of Leona is because she had the audacity and bad taste to tell the truth in public.
Hahaha!
So then we shouldn’t tax anyone if there is a similar job untaxed in another country…. Where do you think the G is going to get funding…?
Happy New Year … it is for some of Evergreen’s employees, let’s hope that includes vessel crews.
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From everything I have seen online outside of gCaptain that seems to be inaccurate. At least the US part, not sure about European. I have always wondered just how many US owners of foreign flagged vessels there actually are. No one seems to really have an answer here. If one took gCaptain threads as gospel you would think the majority of the worlds fleets are US owned and foreign flagged.
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The Liberian vessels I sailed in were German owned and there were tax advantages for German residents. All administration for Liberian tonnage is headquartered in Virginia USA. I was master of a couple of AHTS’s that were under the Belize flag. As some guy said about Belize of a guy that fled to Canada then to Belize to escape the clutches of the IRS you can’t break the law in Belize cause there ain’t any law…
There was a few regulations written by ABS pertaining to yachts but nothing for what I was sailing in. Belize just like Liberia and the Marshal islands was another FOC for US citizens.
The bond holders effectively own the ships. US, British and EU banks hold the bonds. China, Korea and Japan investment houses own the bonds in their regions too. Shipping for many centuries has been a way for people who have a lot of money to gamble. Spain’s monarchs along with the Catholic church gambled on Columbus to make them rich but the gambling on shipping by rich folks started way before Columbus. Currently JP Morgan Chase, UBS and others gamble the same way. The flag the ships fly is of no consequence. I have sailed on ships with a Panama flag but was owned by Polish company that didn’t even have an office. The crew was mostly US 
Vanuatu is popular flag among the Bayou Boys. HQ is in NYC:
Vanuatu Maritime Services Ltd
Suite 2020
39 Broadway, 20th Floor
New York
NY 10006
United States of America
http://www.vanuatumaritimeships.com/
Tidewater has most of their fleet registered under Vanuatu flag.
I wouldn’t be surprised if they were one of the instigators and are a main shareholders in the US company that own and operate the register on behalf of the Vanuatu Gov.
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Palau International Ship Registry is gaining in popularity:
https://www.palaureg.com/
US HQ is in Houston:
The Woodlands, TX, 77380,
9595, Six Pines Drive,
Suite 8210, Office 277
T: +1 832 631 6061
F: +1 832 631 6001
With the European HQ in Piraeus:
Piraeus, Greece, 18536
5, Sachtouri Street, 6th floor
T: +30 210 4293500
F: +30 210 4293505
When a shipowner chose a register for their ship it is important to know both the pros and cons with the available options.
Flag states that use English Common Law is popular with both Owners, Bankers and Underwriters.
IOM, Gibraltar, Bahamas, Bermuda and several others have open registers that meet that criteria.
Hong Kong, Singapore and even British register are popular for the same reason, but are not classified as FOCs by IMO.
Liberia. Marshall Islands and Palau has maritime and finance laws based on US law. Besides the registers are actually owned and operated by US corporations, from US soil.
Here is an article issued by a major Maritime Law firm in Norway and Singapore:
About what is important to know and consider for anybody who are choosing which flag to fly on their ships:
https://svw.no/en/insights/shipowners-choice-of-vessel-flag
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I’ve seen lists published a number of times of who the major ship owning nationalities are, regardless of flag.
For years US shipowners were number 2 or 3. They slipped to about 5.
I don’t know where US shipowners stand now, but certainly in the top 10.
Essentially you’re asking for consumer prices to rise to accomodate inflated wages. The cost of taxes will be passed to the lowest consumer possible. That’s such a given it’s an Iron Law in economics. I’m all for passing the buck for higher wages in my trade. Sadly I’ve never heard of a trade where the grunts feel they are adequately compensated. So, that being said, how is this not a BS money grab?
Put a better and more personal way, when was the last time Dominos put a $5/hr raise for delivery drivers in at the expense of the customer?
… at the end of the day, we are Dominos drivers, every one of us. Reality sucks, but it is what we have. Lets stick to it.
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He must of only been counting days of onboard and not the days off because you need to be paid twice that or it’s not worth it