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How does this ownership structure still survive today?



It's a free market. International treaties evolve slowly, so regulation is non-existent, and shipping is a race to the bottom industry.

Ships are flagged and "regulated" in Liberia, Panama or wherever, crews are Filipino or Indonesian, and the officers are from another country (Greece, UK, US, etc). The ownership is always murky and unknown.

The only exceptions are some intra-national shipping. US carriers are required if you're shipping from Alaska to California, for example.




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