Word: vanuatu
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Most shipowners around the world now avoid the steep costs of union wages and government regulations at home by registering their fleets with developing countries, notably Liberia, Cyprus and Panama. The latest popular flag belongs to a tiny South Pacific island group, Vanuatu, which charges a bargain- basement registration fee of $14,460, even lower than Liberia's $21,005. Vanuatu's fleet now numbers 100 ships...
...have one vote; Vanuatu [in the South Pacific] has one vote. That kind of principle creates a disjunction between power and responsibility because some of the nations who have... the resources to implement decisions are not identical with those who have the power to vote to make them...