“Our values represent our commitment to the maritime world, to our clients and to the world of shipping. We are constantly evolving and refining our services, but our core commitments remain solid and uncompromised: quality and service for all. The four pillars of [the Palau International Ship Registry] are: Prosperity, Integrity, Safety, Reliability.”
—The Palau International Ship Registry on its unique values, on its website.According to various shipping industry reports, the Government of Palau has taken control of its national ship registry after its private-sector partner became subject to U.S. sanctions, raising oversight and reputational concerns related to ship abandonments, treatment of crews and more. More than 400 ships were reportedly flying the Palau flag.
According to Journal files, PISR began registering ships in 2012, renewing its agreement in 2018. In 2015, the registry was earning Palau more than $600,000, according to Journal files, but grew to more than a million in subsequent years.
Ship operators turned to cost-efficient registries, while for small island nations registries offered additional income, to include an initial registration fee. All registries must meet International Maritime Organization standards and regulations.
The Marshall Islands also operates a ship registry.
