Belgian Flag Surges to Fourth in Europe as Fleet Triples
The Belgian merchant fleet has climbed to fourth place in Europe by total tonnage capacity, marking a remarkable turnaround for a sector that was nearly extinct two decades ago. According to the Royal Belgian Shipowners’ Association (KBRV), the Belgian-controlled fleet now ranks 15th worldwide, with 210 ships flying the Belgian flag — up from just 80 at the start of 2025.
Credit: © MARTIN BERNETTI / AFP
A Dramatic Reversal of Fortune
The resurgence represents a complete reversal of a long-term decline. In the early 2000s, the Belgian fleet had been almost entirely “flagged out” to Luxembourg and other registries, with the country’s maritime cluster generating less than €400 million in added value. Today, that figure stands at nearly €6 billion — a 15-fold increase.
“We all know where we came from,” said Captain Marc Nuytemans, who was elected Chairman of the KBRV on June 18, 2026. “Back then, the Belgian fleet was nearly fully flagged out to Luxembourg and other more exotic registries. We saw what that meant: less expertise, fewer jobs, less influence, and especially less revenue for the government.”
Two Drivers of Growth
The KBRV’s annual report, presented at its General Assembly on June 18, identifies two primary factors behind the surge.
Tax Reform: The Belgian federal government abolished the 30% withholding tax on payments related to the leasing, rental, or use of tangible movable property — a key mechanism for “bareboat charter” operations. The Royal Decree was published in the Belgian Official Gazette on October 31, 2025. Deputy Prime Minister and Finance Minister Jan Jambon described the measure as a “real boost” for the merchant fleet, noting that two-thirds of the 50 new registrations in 2025 occurred shortly after the measure took effect.
Corporate Merger: CMB.TECH, the Antwerp-based shipping group, completed its merger with Norwegian counterpart Golden Ocean in August 2025. The combined entity operates approximately 250 vessels valued at over $11 billion, making it one of the world’s largest publicly listed diversified shipping groups. As reported, the merger brought a substantial portion of Golden Ocean’s dry bulk fleet under Belgian control, many of which subsequently registered under the Belgian flag.
Record Registration Numbers
Loïc Van Staey, Managing Director of the KBRV, confirmed that the fleet has grown rapidly. “At the moment, we already count 210 ships under the Belgian flag,” he said. The KBRV recorded 44 new ship registrations in 2025 alone, compared to an average of just 12 per year in previous years.
The momentum shows no signs of slowing. As of January 2026, 10 new ships had already been registered, with 71 additional registrations planned for the year — including 23 brand-new vessels.
Broader Economic Implications
The growth of the Belgian flag has cascading benefits for the national economy. The maritime cluster’s added value has surged from less than €400 million to nearly €6 billion, encompassing direct employment, port activity, and tax revenue. A larger national fleet also gives Belgium greater influence in international maritime bodies such as the International Maritime Organization (IMO).
A Warning Against Complacency
Despite the success, Captain Nuytemans struck a cautionary tone in his inaugural address. “Preserve the competitiveness of the Belgian fleet,” he urged policymakers. “Not out of nostalgia. Not as a matter of course. But because it concerns Belgium’s trade balance, our ports, our maritime employment, our strategic autonomy, and ultimately, Belgium’s place in the world.”
“A strong Belgian fleet is not a given,” he added, “but the result of vision, cooperation, and sustained effort.”
What to Watch
Looking ahead, the sector faces several challenges. The IMO’s Net-Zero Framework will impose new decarbonization requirements on global shipping, potentially reshaping fleet composition. Geopolitical tensions, including trade disputes and risks to key shipping routes, could also impact operations. Maintaining the competitive tax and regulatory framework will be essential to sustaining the growth trajectory, as will attracting and training the maritime workforce needed to support an expanding fleet.
Reporting based on the KBRV annual report, Belga News Agency, and La Libre Belgique.