Flags of Convenience:
The largest shipping registries are Panama, Liberia, Greece, Marshall Islands and the Bahamas,
Approximately 6,300 sail under the Panamanian flag, making Panama the largest. The Greek-controlled fleet is at almost 90 million gross tons.
The Marshall Islands is fourth with 1, 500 vessels and 37 million tons. Bahamas has 1,500 vessels at 27 million tons.
Other significant flags include Cyprus and Malta
Grand Fortune 1: Mongolia-flagged DPRK cargo ship sunk
PYONGYANG, April 5 (Xinhua) -- The Democratic People's Republic of Korea (DPRK) had urged concerning parties to rescue its sunken cargo ship and help survivors return home. Three crew members and two bodies were repatriated. The Mongolia-flagged cargo ship Grand Fortune 1 sank in the waters off Jeju Island at dawn on Friday, with crew members of Korea Kunhae Co Ltd, Pyongyang, Korea (North)under the DPRK's Maritime Administration, while sailing to Shanghai, China. The 4,300-ton cargo ship, which ran aground at around 1:19 am on April 4, was heading to China from the DPRK city of Chongjin, carrying heavy oil and steel products. Grand Fortune 1, Former names: Shinchang 2,- Sunjoo Pluto (Until 2006 Jun),- Beaver Ii (Until 2005 Jun),- Rigel (Until 1996 Mar) flag:Mongolia IMO 8611805 MMSI457819000 CallsignJVDY5 Korea Kunhae Co. Ltd. 5423764 Pyongyang ;Sai Nal, Sai Nal 2, Sai Nal 3, Sin Pho, Wang Jong, Mun Su San, Kum Gang San (or Kumgangsan) According to Lloyd’s, the DPRK Government is the beneficial owner of 152 vessels, commercial operator of 30 vessels, registered owner of 12 vessls. The accident took place in international waters some 43 kilometers away from South Korean waters, according to officials, adding that the route is frequented by North Korean vessels.
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