The meaning of Singapore flagged ships

[ombugge]

Very much a relevant subject these days:

What does it mean for a ship to be S’pore-flagged, and why is S’pore involved...

The Singapore Registry of Ships, which was established in 1966, is responsible for overseeing Singapore-flagged ships and ensuring that these vessels and their owners meet local and international regulations covering areas such as crew safety and environmental protection.
Singapore’s ship registry, which was the fifth-largest in the world in 2023 according to Lloyd’s List Intelligence, comes under the purview of the Maritime and Port Authority of Singapore (MPA).

Only Singapore citizens, permanent residents or companies incorporated in Singapore may be registered as owners of Singapore-flagged ships. These companies can be locally or foreign-owned.

For a company to be registered as the owner of a Singapore-flagged ship, it must have a minimum paid-up capital of $50,000. But this requirement may be waived depending on the number of ships being registered and their aggregated tonnage.

The owner of every Singapore ship must appoint a manager whose residence is in Singapore, according to MPA. The ship manager may be an officer of the owning company or of a management company, and he is responsible for all matters related to ship registration and crew manning, as well as safety at sea.