MONROVIA — Liberia’s revenue from ships flying its flag of convenience is expected to climb to $19m this year , from $17m last year, the company that manages the register says.

Liberia’s is the second biggest flag of convenience registry after Panama, and a top revenue earner for the government as it tries to rebuild after 14 years of a devastating on-off civil war that ended in 2003.

“This fiscal year, we intend to generate $19m from the registry. Last year, we generated $17m. The revenue intake was low due to the political situation in the country in the recent past,” said Joseph Keller, GM of the Liberia Ship and Corporate Registry.

“Thanks to improved security and political stability in the country now, the revenue will increase,” he said, ahead of a maritime symposium held in the capital Monrovia on Friday.

About 2600 ships were registered under the Liberian flag, representing about 82-million tons gross — the highest in the registry’s 60-year history, he said. Liberia’s registry lost its role as the biggest flag of convenience to Panama in the 1990s during Liberia’s civil war, although the registry was able to continue operating from its administrative headquarters in the US state of Virginia.

Keller said the registry was keen to maintain the Liberian safety record, which is one of the cleaner among the world’s flags of convenience.

“We are mainly concerned about safety records and running a responsible registry and we want the best in our registry,” he said.

Speaking at Friday’s symposium, Liberian President Ellen Johnson-Sirleaf said she wished to review the agreement with the registry but was keen not to rock the boat.

“We want to renegotiate the agreement to ensure the national interest is fully protected, to ensure that allocation of resources is done in the interest of the people,” she said.