How can you explain that Panama and Liberia have the largest fleets in the world and are ahead of Japan

How can you explain that Panama and Liberia have the largest fleets in the world and are ahead of Japan, Greece, USA, Norway in this indicator?

Many countries (including Japan, USA, Germany, Great Britain) are transferring most of their large ships under the flags of convenience of developing countries. In this way, they cut costs using cheap labor and save on taxes.

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