Provisional figures as of December 31, 2025 confirm a worrying trend that industry observers have been highlighting for years: the Spanish flag is steadily losing its competitiveness.
During 2025, the fleet controlled under the Spanish flag — specifically through the Canary Islands Special Registry (REC) — declined by seven vessels, falling from 91 ships to just 84. For the first time on record, Spain now has fewer than 90 merchant transport vessels sailing under its national flag. This marks a new historic low in terms of fleet size.
The decline is even more pronounced when measured by capacity. Gross tonnage (GT) dropped by 16%, decreasing from 2.1 million to 1.7 million GT. Deadweight tonnage (DWT) fell by nearly 20%, from 1.4 million to 1.1 million tons. For the first time in 22 years, total tonnage has slipped below 2 million GT — and stands at its lowest level in the past quarter century.
A significant part of this contraction stems from the departure of large vessels, particularly LNG carriers. In the liquefied gas segment, the number of ships under the Spanish flag fell from 13 to 10. Capacity in this category declined by over 22% in both GT and DWT.
Growth Abroad, Decline at Home
While the Spanish registry contracts, Spanish shipping companies continue to expand their fleets under foreign flags. In 2025, the number of vessels controlled by Spanish operators but registered abroad increased from 114 to 119 units. Their total capacity also rose, with gross tonnage up 3.1% and deadweight tonnage up 2.5%.
Even so, this external growth has not compensated for the losses in the REC. Overall, the total fleet controlled by Spanish shipowners shrank by two vessels, while total capacity declined by 4.8% in GT and 4.2% in DWT.
The Spanish flag recorded no growth in any vessel category. It lost two general cargo ships, three LNG carriers, and two passenger vessels. By contrast, foreign registries saw gains in general cargo (up four vessels) and ro-ro ships (up two), with only a slight decline in passenger vessels.
Today, 59% of all vessels controlled by Spanish shipowners sail under foreign flags. Measured by gross tonnage, nearly two-thirds — around 64% — is now registered outside Spain. In just five years, the share of the fleet flying the Spanish flag has fallen by ten percentage points, reaching another historic low.
A Clear Shift Toward European Registers
More than half of the Spanish-controlled fleet — approximately 52% — is now registered under other European Economic Area (EEA) flags. There is a growing preference for registries such as Madeira, Malta, and Cyprus.
In particular, the Portuguese registry of Madeira has strengthened its position as the preferred flag for Spanish shipowners. It now hosts close to 60 vessels controlled by Spanish companies, representing roughly 1 million GT. The trend suggests that operators are actively seeking regulatory environments within Europe that offer greater flexibility and competitiveness.
Beyond the Numbers: A Strategic Issue
This is not merely a statistical shift. A national merchant fleet is a strategic asset for any country. It plays a critical role in ensuring supply security, maintaining logistical capacity during crises, strengthening trade resilience, generating employment, supporting maritime education and training, and sustaining the broader industrial and service ecosystem linked to shipping.
Recognizing this, many European countries have taken deliberate steps to enhance the attractiveness and stability of their registries. They compete within EU and international rules by offering administrative efficiency, competitive fiscal and labor frameworks, and — crucially — regulatory predictability.
Spain’s Maritime Strategy 2025–2050 already acknowledges this structural trend and warns of the risks associated with the declining weight of the national flag. The 2025 year-end data reinforces the urgency of translating that strategic roadmap into concrete, effective measures aimed at restoring competitiveness.