Earlier quoted context omitted.
In shipping the cost is transferred easily down the line; capital investment in new vessels and new technologies is pretty slim because of that. Also the time spent in dry dock might as well cost you more than what you’ll gain through the service time of the vessel since many of these vessels change hands frequently sometimes even several times a year. Also because how risk is managed in the shipping industry none of…
How does this ownership structure still survive today?
Ships are flagged and "regulated" in Liberia, Panama or wherever, crews are Filipino or Indonesian, and the officers are from another country (Greece, UK, US, etc). The ownership is always murky and unknown.
The only exceptions are some intra-national shipping. US carriers are required if you're shipping from Alaska to California, for example.