Flag of convenience
the business practice registering a ship under a different sovereign state than that of its owners, to reduce costs or avoid regulations
English: A ship is said to be flying a flag of convenience if it is registered in a foreign country "for purposes of reducing operating costs or avoiding government regulations."[1]
The term comes from the flag that ships fly to show their country of registration. Under conventions of en:international law. The country of registration determines the source of law to be applied in admiralty cases, regardless of which court has personal jurisdiction over the parties.
FOC ships
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Chemical tanker Sichem Princess Marie-Chantal had Panama City as its port of registry when this 2005 picture was taken but as of 2007 it is registered in Valetta with Maltese flag. -
Map of countries listed by the International Transport Workers' Federation
References
edit- ↑ Flag of convenience. The American Heritage® Dictionary of the English Language, Fourth Edition. Houghton Mifflin Company (2004). Retrieved on 2007-05-04.