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T34C,
You are most correct. I also failed to point out the reason for the desirability of Liberian or Panamanian registry for ships. Taxes are the biggie and since you can register under either flag while only travelling a few blocks from your NYC office the largest merchant fleet in the world flies the Liberian flag. It may be the largest source of income for that miserable country.
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“Scientists are people who build the Brooklyn Bridge and then buy it.”
Wm. F. Buckley, Jr.
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