The Liberian Senate plenary amended the maritime agreement between the government and LISCR.

The Senate decision follows a report from the Senate Maritime Affairs Committee.

The Committee assured the plenary that ratification would increase the revenue share of the Liberian Maritime Authority from 25 to 30 percent, which would, among other things, facilitate Liberia’s return to the Council of the International Maritime Organization.

The Liberian registry – the second largest in the world – includes more than 4,300 ships weighing over 160 million gross tonnes, representing 12 percent of the world’s ocean fleet. The Liberian fleet is one of the youngest of all nations, with an average ship age of 12 years.

According to the US Maritime Administration, Liberian-flagged ships carry more than a third of the oil imported into the United States.

It has become the world’s favorite oil pavilion, with the recent addition of 2.7 million gross tonnes of new tankers.

The Liberian Registry is administered by LISCR, a US-owned and operated company that has provided day-to-day management of the country’s ship and company registry since its inception in 1948. And, in 1959, Liberia became a founding member of the International Maritime Organization.

The amended agreement, according to the Committee, is necessary for the structural adjustment of the LISCR program and operation in order to increase Liberia’s revenue share.

The Committee noted that the Liberian Registry has contributed enormously to the economy as a source of employment as well as a significant contribution to the national budget.

The Senate ratification comes after President George Weah, on October 28, 2021, asked the Senate to ratify the First Amendment to the Extended and Restated Agency Agreement between the Republic of Liberia and the Liberian International Ship and Corporate Registry.

President Weah added that Liberia has the second highest register in the world, but unfortunately the country is not part of the International Maritime Council.

The country, according to the head of the Liberia Maritime Authority, noted the missed opportunity to retain its seat on the Council in 2019, but the amended deal will change everything.

The registry, since its inception, has been managed from the United States with the American structure and principles governing administration.

It should be noted that the registry is to be primarily operated from the United States and managed by international maritime professionals for the benefit of the Liberian people and serve as the sovereign maritime jurisdiction responsible for registration, regulatory enforcement and enforcement. safety of ocean-going vessels.

The register establishes vessel identification details and records legally enforceable documents, such as mortgages and deeds of sale.

The Registry is also responsible for the application of maritime treaties, including the safety of life at sea (SOLAS); Prevention of pollution from ships (MARPOL); the training, licensing and watch standards for seafarers (STCW) and the Maritime Labor Convention (MLC). The Ship Registry works in parallel with the Liberian Companies Registry, which performs the same functions as the Companies Registration Service of any other government.