America’s Last Competitive Advantage in Global Shipping
There’s growing concern over America’s shrinking footprint in global shipping—but one strategic edge remains: Wall Street.
U.S. capital markets are the deepest, most liquid in the world, and shipping companies have taken full advantage.
Roughly 50 international shipping companies—non-Jones Act operators—are publicly listed on U.S. exchanges. But only three are actually headquartered in the U.S.:
International Seaways (NYSE: INSW)
Genco Shipping & Trading (NYSE: GNK)
Pangaea Logistics (Nasdaq: PANL)
By contrast, over half of the publicly listed international shipping companies are based in Greece, and nearly 20% operate out of Norway. So, it’s mostly foreign-controlled firms reaping the rewards of Wall Street.
In a global industry, it’s easy to see why executives choose tax-favorable jurisdictions—not just for corporate structure, but for personal residence as well. That’s rational. But it’s also a missed opportunity for the U.S.
If America’s goal is to rebuild industrial capacity and expand maritime influence, we shouldn’t start with revitalizing shipyards—we should start with revising tax policy. A new administration serious about American maritime influence could do more, faster, by offering competitive incentives to attract shipping company headquarters—and their executives—back to U.S. soil.
Just look at the U.K. for a cautionary tale. With the recent decision to abolish the non-domiciled tax regime, London has seen a flight of shipping executives and beneficial owners—including John Fredriksen’s private companies. Shipping is highly mobile, so capital (and leadership) will always flow to the most favorable jurisdiction.
For now, in the U.S., the irony remains: publicly listed international shipping companies may sail under foreign flags, but they’re bankrolled by American investors. If we want lasting influence over global tonnage, we need to make it make sense—for the people who control it—to do so from here. It’s time for the U.S. not just to finance the world’s fleet—but to bring the shoreside decision-makers home.
And, in a crisis, if the U.S. needed ships urgently, who is more likely to answer the call—a shipowner based in Manhattan or one in Piraeus?
