Despite all its domestic troubles, Liberia is host to the world's second-largest maritime open-registry, better known as a flag of convenience. Until 1994, when it was overtaken by Panama, Liberia's flag flew over the world's largest fleet, as measured by tonnage. Between 1949 (when it was established) and 1999, the registry remitted around US$700 million to the Liberian government. Last year, it had 1,734 vessels under registration, many of them tankers, and generated some $18 mn. for Monrovia.
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