Republic of the Marshall Islands registry among top choices for Greek ship-owners

The registry of the Republic of the Marshall Islands (RMI) registered more Greek-controlled vessels last year than any other foreign flag, while it remains among the top choices of Greek ship-owners and companies, according to Theofilos K. Xenakoudis, the director of worldwide business operations and managing director of the Marshall Islands Registry, whose interview follows.

What is the performance and the latest achievements of the RMI flag worldwide and specifically in the Greek market?

The Republic of the Marshall Islands (RMI) Registry remains the foreign flag of choice for Greek shipowners thanks to its long-term focus on and commitment to client service. International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Registry, supports clients through a network of 28 worldwide offices spread across the world’s major financial and maritime centers.

Internationally recognized as one of the world’s leading quality registries, the RMI Registry boasts an excellent port State Control (PSC) record, with an unprecedented 18 years on the United States Coast Guard’s (USCG’s) QUALSHIP 21 program, ranked in the top 10 of both the Paris and Tokyo Memorandums of Understanding (MoUs) whitelists, and maintains an excellent record with the Australian Maritime Safety Administration (AMSA). These PSC records highlight the Registry’s commitment to partnering with owners and operators to ensure the fleet meets the highest international standards of safe vessel operation. The Registry’s Fleet Operations team, stationed around the world, provides expert support to RMI flagged vessels, at no charge, in the busiest ports around the world, creating a vessel-flag State relationship based on partnership and collaboration, which leads to a reduced risk of deficiencies or detentions.

The Greek Shipping Cooperation Committee (GSCC) report released in March 2022 indicates that the RMI registered significantly more vessels than anyone else in Greece in the past year. As reported in the GSCC report, the RMI fleet had 1,427 vessels weighing 59,162,801 gross tons that are controlled by a Greek company. That is 27.6% of the total vessels and 30.8% of the total gross tons of the RMI fleet.

Have you invested in the diversification of your services as a flag State taking advantage of the digital technology to improve your operations? 

IRI has invested in technology and digital infrastructure for many years and has always used technology as a tool to improve our services and the safe operation of our fleet. Our investments in digital technology, including providing electronic vessel registration documentation and an online seafarers’ documentation system, have allowed us to not only diversify our services, but to make sure clients have the access they need to key documents and services when they need it. However, digital technology cannot replace the importance of the human element in our business, and we continue to invest in our global team.

Have you been involved in the appropriate projects to prepare your organization for an even lower carbon world?

The industry quickly embraced a sustainable and green future, and right now we are experiencing a period of rapid innovation in advanced technologies and alternative energies, with pioneering ideas and collaborative projects driving the industry forward. The RMI Registry is committed to supporting our owners and operators as they embrace sustainability, and we are engaged in decarbonization efforts in two ways. First, through international regulatory efforts at the International Maritime Organization (IMO), where the RMI delegation actively participates in committees, sub-committees and working groups to connect realistic and meaningful regulatory standards with the pace of technological developments. Second, the Registry is engaging with technical experts on various collaborative industry projects aimed at evaluating and developing new technologies and alternative energies. These projects, conducted in conjunction with classification societies, shipbuilders, shipowners, and other stakeholders, are critical to giving the industry quantitative data to assess the viability of alternative solutions.

With technical experts around the world, and team members participating in various research and development projects looking at green technology and sustainability, the RMI Registry is uniquely positioned to advise, offer technical assistance, and support our owners and operators as they continue to strive toward excellence in sustainability. In March 2021, Clarksons Research’s World Fleet Register verified that the RMI fleet is the youngest and greenest in the world.